A bipartisan group in the U.S. House of Representatives has introduced legislation to disallow foreign tax credits for companies that pay taxes to the governments of Russia or Belarus. The Support Ukraine Through Our Tax Code Act aims to hold accountable corporations, trusts, partnerships, estates and individuals who continue to do business in Russia and contribute to its war effort through tax payments. The proposed legislation would add Russia and Belarus to the list of countries ineligible for a foreign tax credit, joining North Korea, Iran, Syria and Cuba. Last month, companion legislation was introduced in the Senate. Stay tuned for updates.
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