Senate Finance Committee members Catherine Cortez Masto and John Cornyn will introduce legislation Thursday to stop companies from deducting or claiming credits on their U.S. tax bills for taxes paid to Russia.
In response to Russia’s invasion of Ukraine, the draft bill would apply the same treatment to taxes paid to Russia as those paid to Iran and North Korea. It would go a step further than the Treasury Department did last year when it suspended the U.S. tax treaty with Russia at the urging of Cortez Masto, D-Nev., and Cornyn, R-Texas.
“We should not be giving tax breaks to businesses that are funding the Putin regime. It’s that simple,” Cortez Masto said in a statement.
