Russian War Crimes in Ukraine Tax Act

Fact Sheet API

Bill Number

HR 6416

Introduced

Nov 15, 2023

Latest Action

Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 41 - 5.

Sponsor

Cosponsors

Topics

Belarus Congressional oversight Diplomacy, foreign officials, Americans abroad Economic development Europe Foreign aid and international relief Foreign and international banking Government trust funds Interest, dividends, interest rates International law and treaties Reconstruction and stabilization Russia Sales and excise taxes Taxation Ukraine United Nations

Full Text

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Votes

Summary

Russian War Crimes in Ukraine Tax Act

This bill imposes a 100% excise tax on certain assets of Russia and Belarus that have been frozen in connection with the invasion of Ukraine.

The bill establishes the Ukraine Reconstruction Trust Fund to hold tax revenues generated by this bill. Such revenues shall be used for the benefit of Ukraine, including reconstruction and rebuilding efforts, humanitarian assistance, and the fostering of long-term economic growth.

The Department of State must direct the U.S. Permanent Representative to the United Nations to use U.S. influence to encourage the transfer of capital gains on Russian sovereign assets to Ukraine.

Actions

Dec 13, 2023

Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 41 - 5.
Dec 13, 2023

Committee Consideration and Mark-up Session Held
Nov 15, 2023

Referred to the Committee on Foreign Affairs, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Nov 15, 2023

Introduced in House

Amendments

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