Support Ukraine Through Our Tax Code Act
Last action on May 12, 2022Read twice and referred to the Committee on Finance.
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Summary
The Support Ukraine Through Our Tax Code Act (S. 4218) aims to use the U.S. tax system to exert economic pressure on Russia and Belarus following the invasion of Ukraine. If passed, the bill would prevent companies and individuals from claiming U.S. tax credits or deductions for taxes paid to the Russian or Belarusian governments, effectively increasing the cost of doing business in those countries. Additionally, it would suspend the sharing of tax information with these nations and eliminate certain tax treaty benefits, such as lower withholding rates on investment income.
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