{"id":47451,"date":"2025-01-30T11:05:39","date_gmt":"2025-01-30T16:05:39","guid":{"rendered":"https:\/\/www.cortezmasto.senate.gov\/?post_type=press_releases&#038;p=47451"},"modified":"2025-01-30T11:05:44","modified_gmt":"2025-01-30T16:05:44","slug":"cortez-masto-cornyn-introduce-bipartisan-legislation-to-eliminate-tax-breaks-for-businesses-dealing-in-russia","status":"publish","type":"press_releases","link":"https:\/\/www.cortezmasto.senate.gov\/es\/ultimas-noticias\/comunicados-de-prensa\/cortez-masto-cornyn-introduce-bipartisan-legislation-to-eliminate-tax-breaks-for-businesses-dealing-in-russia\/","title":{"rendered":"Cortez Masto, Cornyn Introduce Bipartisan Legislation to Eliminate Tax Breaks for Businesses Dealing in Russia"},"content":{"rendered":"\n<p><strong>Washington, D.C. \u2013<\/strong>&nbsp;Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and John Cornyn (R-Tex.) introduced bipartisan legislation to prevent businesses from claiming a foreign tax credit or deduction against taxes paid to fund the Russian government\u2019s war machine. Currently, businesses paying taxes in foreign countries are eligible to claim a tax credit or deduction in the United States to reduce the burden of double taxation. There are certain hostile countries to which this tax credit does not apply, including North Korea and Iran, and Cortez Masto\u2019s <em>HONOR Act<\/em> would add Russia to that list.<\/p>\n\n\n\n<p>In September 2023, Russia President Vladimir Putin illegally suspended the U.S-Russia Tax Treaty. Following a <a href=\"https:\/\/www.cortezmasto.senate.gov\/news\/press-releases\/following-cortez-masto-and-cornyn-push-treasury-suspends-russia-tax-treaty\/\">letter<\/a> from Senators Cortez Masto and Cornyn, the United States Department of the Treasury retaliated by suspending benefits for Russian businesses and investors. The <em>HONOR Act<\/em> would take this suspension one step further and prevent businesses funding Putin\u2019s illegal war in Ukraine from receiving tax breaks in the United States. This bill would ensure U.S. taxpayers are not subsidizing Putin\u2019s oppressive government.<\/p>\n\n\n\n<p>\u201cWe should not be giving tax breaks to businesses that are funding the Putin regime. It\u2019s that simple,\u201d <strong>said Senator Cortez Masto. <\/strong>\u201cThis bipartisan legislation expands upon current Treasury Department policy, holds Russia accountable for its criminal activity in Ukraine, and protects American national security.\u201d<\/p>\n\n\n\n<p>\u201cBusinesses that continue to engage with Russia are enriching Putin\u2019s oppressive regime,\u201d <strong>said Senator Cornyn.<\/strong> \u201cThis commonsense bill would force these businesses to give up their foreign tax credits and deductions for taxes paid to Russia, which subsidize the Russian war apparatus.\u201d<\/p>\n\n\n\n<p>Senator Cortez Masto has consistently advocated for the U.S. to stand up to Russian aggression and&nbsp;<a href=\"https:\/\/www.cortezmasto.senate.gov\/news\/press-releases\/cortez-masto-statement-on-russian-attack-on-ukraine\">support Ukrainian sovereignty<\/a>. She&nbsp;has voted to pass&nbsp;<a href=\"https:\/\/www.cortezmasto.senate.gov\/news\/press-releases\/new-cortez-masto-votes-to-pass-bipartisan-national-security-package\/\">bipartisan legislation<\/a>&nbsp;to support Ukraine and&nbsp;<a href=\"https:\/\/www.cortezmasto.senate.gov\/news\/press-releases\/cortez-masto-bipartisan-measures-will-help-hold-putin-accountable-aid-ukraine\/\">helped pass bipartisan economic sanctions<\/a>&nbsp;that were signed into law to hold Russia accountable for its illegal invasion of Ukraine. She voted in&nbsp;<a href=\"https:\/\/www.cnn.com\/2022\/01\/10\/politics\/nord-stream-pipeline-democrats-reaction-cruz\/index.html\">support<\/a>&nbsp;of sanctions against Russia and its Nord Stream 2 pipeline, and she supported similar sanctions in the 2020 and 2021 National Defense Authorization Acts.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"has-text-align-center\">###<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Washington, D.C. \u2013&nbsp;Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and John Cornyn (R-Tex.) introduced bipartisan legislation to prevent businesses from claiming a foreign tax credit or deduction against taxes paid to fund the Russian government\u2019s war machine. Currently, businesses paying taxes in foreign countries are eligible to claim a tax credit or deduction in the [&hellip;]<\/p>\n","protected":false},"author":25,"featured_media":0,"parent":0,"menu_order":0,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-47451","press_releases","type-press_releases","status-publish","format-standard","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cortez Masto, Cornyn Introduce Bipartisan Legislation to Eliminate Tax Breaks for Businesses Dealing in Russia - Senator Catherine Cortez Masto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cortezmasto.senate.gov\/es\/ultimas-noticias\/comunicados-de-prensa\/cortez-masto-cornyn-introduce-bipartisan-legislation-to-eliminate-tax-breaks-for-businesses-dealing-in-russia\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cortez Masto, Cornyn Introduce Bipartisan Legislation to Eliminate Tax Breaks for Businesses Dealing in Russia - Senator Catherine Cortez Masto\" \/>\n<meta property=\"og:description\" content=\"Washington, D.C. \u2013&nbsp;Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and John Cornyn (R-Tex.) introduced bipartisan legislation to prevent businesses from claiming a foreign tax credit or deduction against taxes paid to fund the Russian government\u2019s war machine. 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