Support Ukraine Through Our Tax Code Act

Hozzl · 2022-12-30T00:18:39Z

Explore the details of House Bill 7901 Support Ukraine Through Our Tax Code Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/30/2022, 12:18 AM

Summary of Bill HR 7901

Bill 117 hr 7901, also known as the Support Ukraine Through Our Tax Code Act, is a piece of legislation introduced in the US Congress with the aim of providing support to Ukraine through changes to the tax code. The bill seeks to promote economic stability and growth in Ukraine by offering tax incentives to American businesses that invest in the country.

Specifically, the bill proposes to provide tax credits to US companies that invest in Ukraine, with the goal of encouraging more American businesses to engage in trade and investment in the region. Additionally, the legislation includes provisions for technical assistance and capacity-building programs to help Ukraine improve its tax administration and compliance systems.

The Support Ukraine Through Our Tax Code Act is seen as a way to strengthen the relationship between the United States and Ukraine, while also promoting economic development and stability in the region. The bill has garnered bipartisan support in Congress, with lawmakers from both parties recognizing the importance of supporting Ukraine in the face of ongoing geopolitical challenges. Overall, the Support Ukraine Through Our Tax Code Act aims to leverage the US tax code to provide tangible support to Ukraine, with the goal of fostering economic growth and stability in the region.

Congressional Summary of HR 7901

Support Ukraine Through Our Tax Code Act

This bill denies the foreign tax credit and the tax deduction for income, war profits, and excess profits taxes paid to Russia and Belarus.

The bill also denies certain other tax benefits in connection with the invasion of Ukraine, including any tax treaty benefits and exemptions from withholding requirements.

The bill suspends tax information exchanges for Russia and Belarus under a tax treaty or an intergovernmental agreement during the period of the Ukraine invasion.

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Current Status of Bill HR 7901

Bill HR 7901 is currently in the status of Bill Introduced since May 27, 2022. Bill HR 7901 was introduced during Congress 117 and was introduced to the House on May 27, 2022. Bill HR 7901's most recent activity was Referred to the House Committee on Ways and Means. as of May 27, 2022

Bipartisan Support of Bill HR 7901

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 7901

Primary Policy Focus

Taxation

Potential Impact Areas

- Bank accounts, deposits, capital

- Belarus

- Conflicts and wars

- Congressional oversight

- Employee benefits and pensions

- Europe

- Foreign and international banking

- Foreign and international corporations

- Income tax credits

- Income tax deductions

- Income tax exclusion

- Interest, dividends, interest rates

- International law and treaties

- Military operations and strategy

- Russia

- Sales and excise taxes

- Securities

- Tax administration and collection, taxpayers

- Taxation of foreign income

- Transportation costs

- U.S. and foreign investments

- Ukraine

Alternate Title(s) of Bill HR 7901

Support Ukraine Through Our Tax Code Act

To amend the Internal Revenue Code of 1986 to deny foreign tax credits or deductions with respect to taxes paid or accrued to the Russian Federation and the Republic of Belarus, to provide for the denial of certain other tax benefits in connection with the invasion of Ukraine, and for other purposes.