A bipartisan group of legislators recently introduced a bill in the House that would deny foreign tax credits and other tax benefits to companies that pay taxes to Russia and Belarus.
The Support Ukraine Through Our Tax Code Act (H.R. 7901) seeks to hold accountable corporations, trusts, partnerships, estates, and people who continue to do business in Russia and contribute to its war effort through tax payments.
The bill was introduced by U.S. Reps. Brad Schneider (D-IL), Jared Golden (D-ME), Don Bacon (R-NE), Salud Carbajal (D-CA), Jim Baird (R-IN), and Adam Kinzinger (R-IL).
“Russia’s unprovoked war and indiscriminate attacks on civilians cannot and must not be supported with taxes paid by U.S. companies,” the lawmakers said in a joint statement. “With our bipartisan legislation, American businesses are further disincentivized from operating in Russia. It’s common-sense policy: if you choose to do business in Russia–and by extension contribute taxes to its war machine–the American people should not help foot the bill.”
The bill would add Russia and Belarus to the list of existing countries ineligible for the Foreign Tax Credit, joining North Korea, Iran, Syria, and Cuba.
Golden, Baird, Carbajal, Bacon, and Kinzinger are all members of the For Country Caucus, a bipartisan group of military veterans committed to strengthening the country, bolstering U.S. national security, and supporting U.S. veterans and their families.
U.S. Sens. Ron Wyden (D-OR), chair of the Senate Finance Committee, and Rob Portman (R-OH) introduced companion legislation in the Senate last month.