U.S. businesses and individuals would no longer get tax breaks for taxes paid to Russia.
This bill would stop U.S. companies and people from using taxes paid to Russia to lower their U.S. tax bill. This means those doing business in Russia could pay more in overall taxes. The change would start soon after the bill becomes law and would apply even if it goes against existing tax treaties.
Today, U.S. taxpayers can generally reduce their U.S. tax bill by claiming a credit for income taxes paid to foreign countries, including Russia. If this bill becomes law, U.S. taxpayers would no longer be able to claim this foreign tax credit for taxes paid to Russia. This could lead to a higher U.S. tax bill for those doing business there.
HR 9764 · 119th Congress · July 16, 2026 · AI Summary by gemini-2.5-flash · 9/10
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