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S. 327

U.S. Senate•Engrossed

Summary

S. 327, the HONOR Act, was introduced in the Senate on Jan 30, 2025 by Sen. Catherine Cortez Masto (D) with 1 co-sponsor. It last saw action on Mar 16, 2026: Held at the desk.

Record

Text

S. 327 has 1 co-sponsor.

sb327/engrossed-in-senate.txt
119 S327 ES: Hindering Oppressive Nations from Obtaining Revenue Act
 U.S. Senate
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 119th CONGRESS  2d Session  S. 327  IN THE SENATE OF THE UNITED STATES  AN ACT
To amend the Internal Revenue Code of 1986 to deny any foreign tax credit or deduction with respect to taxes paid or accrued to the Russian Federation.
1.
Short title
This Act may be cited as the   Hindering Oppressive Nations from Obtaining Revenue Act   or   HONOR Act  .
2.
Denial of foreign tax credit with respect to the Russian Federation
(a)
In general
 Section 901(j)(2)  of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:
(C)
Special rule for Russia
(i)
In general
This subsection shall apply to the Russian Federation during the period described in clause (ii).
(ii)
Period of application
The period described in this clause with respect to any country is the period—
(I)
beginning on the date that is 30 days after the date of the enactment of this subparagraph, and
(II)
ending on the date on which the resumption of the application of the rates of duty set forth in column 1 of the Harmonized Tariff Schedule of the United States to products of that country takes effect pursuant to section 4(b) of the Suspending Normal Trade Relations with Russia and Belarus Act.
 .
(b)
Deduction denied
Section 901(j)(3) of such Code is amended by adding at the end the following new sentence:  The preceding sentence shall not apply to any tax of any country to which paragraph (2)(C) applies. .
(c)
Effective dates
(1)
In general
Except as provided in paragraph (2), the amendments made by this section shall take effect on the date of the enactment of this Act.
(2)
Deduction limitation
The amendment made by subsection (b) shall apply to taxes paid or accrued (or deemed paid or accrued under  section 960  of the Internal Revenue Code of 1986) after the date that is 90 days after the date of the enactment of this Act.
(3)
Nonapplication of treaty rules
This section and the amendments made by this section shall be applied without regard to any treaty obligation of the United States.
    Passed the Senate March 10, 2026.    Secretary

Tracker

The tracker indicates the progress of this legislation as it moves through the legislative process.

  1. Introduced2025-01-30
  2. Passed Senate2026-03-10
  3. Passed House
  4. Conference
  5. To President
  6. Became Law

CRS Summary

The summaries are the Congressional Research Service’s, one per stage. Read them in full.

Introduced in Senate Jan 30, 2025

sb327/introduced-in-senate.md

Shown Here:
Introduced in Senate (01/30/2025)

Hindering Oppressive Nations from Obtaining Revenue Act or HONOR Act

This bill prohibits a taxpayer from claiming the foreign tax credit (FTC) or an itemized tax deduction for taxes paid, accrued, or deemed paid to Russia.

Under current law, a taxpayer may claim the FTC for income, war profits, and excess profits taxes (or taxes imposed in lieu of these taxes) paid, accrued, or deemed paid to a foreign country (and certain U.S. possessions) or an itemized tax deduction for such taxes, both subject to limitations.

However, under current law, a taxpayer may not claim the FTC (but may claim an itemized tax deduction) for taxes paid to a foreign country if (1) the United States does not recognize the country’s government, (2) the United States severs or does not conduct diplomatic relations with the country, or (3) the country is designated by the Department of State as supporting international terrorist acts. (Currently, the FTC is disallowed for taxes paid, accrued, or deemed paid to Iran, North Korea, Sudan, and Syria.)

Under the bill, a taxpayer may not claim the FTC for taxes paid, accrued, or deemed paid to Russia beginning 30 days after the date of enactment and until normal U.S. trade relations with Russia are restored (pursuant to requirements established by the Suspending Normal Trade Relations with Russia and Belarus Act).

The bill also disallows an itemized tax deduction for taxes paid, accrued, or deemed to be paid to Russia (effective 90 days after the date of enactment).

Sponsors

Sen. Catherine Cortez Masto (D) sponsors S. 327, and 1 member has co-sponsored it from the day it was introduced.

Committees

S. 327 went before 1 committee: Finance.

Finance
Finance
Discharged From · Mar 10, 2026 · 902 Bills

Actions

S. 327 has taken 8 actions since Jan 30, 2025, the latest on Mar 16, 2026.

ChamberAction
Mar 16, 2026
Senate
Message on Senate action sent to the House.
Mar 16, 202615:00
House
Received in the House.
Mar 16, 202615:05
House
Held at the desk.
Mar 10, 2026
Senate
Senate Committee on Finance discharged by Unanimous Consent.Finance Committee
Mar 10, 2026
Senate
Passed Senate without amendment by Unanimous Consent. (consideration: CR S953; text: CR S953)

Votes

S. 327 has not gone to a roll call.

1 bill is related to S. 327.

Titles

S. 327 goes by 6 titles, 4 of them short titles.

  • HONOR Act — Display Title
  • HONOR Act — Short Title(s) as Passed Senate
  • Hindering Oppressive Nations from Obtaining Revenue Act — Short Title(s) as Passed Senate
  • HONOR Act — Short Title(s) as Introduced
  • Hindering Oppressive Nations from Obtaining Revenue Act — Short Title(s) as Introduced
  • A bill to amend the Internal Revenue Code of 1986 to deny any foreign tax credit or deduction with respect to taxes paid or accrued to the Russian Federation. — Official Title as Introduced

Classification

The Congressional Research Service files S. 327 under Taxation, one of its 31 policy areas, and gives it 6 legislative subjects.

CRS Subjects

CRS assigns every bill one policy area from its 31; S. 327’s is Taxation.

s327/policy-areas.txt
TaxationAgriculture and FoodAnimalsArmed Forces and National SecurityArts, Culture, ReligionCivil Rights and Liberties, Minority IssuesCommerceCongressCrime and Law EnforcementEconomics and Public FinanceEducationEmergency ManagementEnergyEnvironmental ProtectionFamiliesFinance and Financial SectorForeign Trade and International FinanceGovernment Operations and PoliticsHealthHousing and Community DevelopmentImmigrationInternational AffairsLabor and EmploymentLawNative AmericansPublic Lands and Natural ResourcesScience, Technology, CommunicationsSocial WelfareSports and RecreationTransportation and Public WorksWater Resources Development

Legislative Subjects

S. 327 carries 6 of CRS’s legislative subjects, from Bank accounts, deposits, capital to Tariffs.

s327/subjects.txt
Bank accounts, deposits, capitalEuropeIncome tax creditsIncome tax deductionsRussiaTariffs

Source: congress.gov · legiscan.com