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Bipartisan Legislation Introduced in U.S. Senate to Deny Foreign Tax Credits and Deductions for Taxes Paid to Russia

03 February 2025

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Proposed Changes

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United States

U.S. Senators Catherine Cortez Masto and John Cornyn have introduced bipartisan legislation that would prevent businesses from claiming a foreign tax credit or deduction against taxes paid to Russia. --- Cortez Masto, Cornyn Introduce Bipartisan Legislation to Eliminate Tax Breaks for Businesses Dealing in Russia Washington, D.C. – 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's war machine. Currently, businesses paying taxes in foreign countries are eligible to claim a tax credit or deduction in...