summary
Introduced
11/15/2023
11/15/2023
In Committee
12/13/2023
12/13/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to impose certain tax penalties in connection with the invasion of Ukraine.
AI Summary
This bill, the Russian War Crimes in Ukraine Tax Act, has several key provisions:
1. It imposes a 100% tax on any interest or dividends paid on Russian and Belarusian assets that have been frozen using the authorities provided by the International Emergency Economic Powers Act. This tax revenue will be deposited into a newly created Ukraine Reconstruction Trust Fund.
2. The Ukraine Reconstruction Trust Fund will be used to fund reconstruction and rebuilding efforts in Ukraine, provide humanitarian assistance to the Ukrainian people, foster long-term economic growth and private sector development in Ukraine, and bolster transparent and accountable governance of the Ukrainian economy.
3. The bill authorizes $25 million for the U.S. Special Representative for Ukraine's Economic Recovery to encourage U.S. allies and partners around the world to transfer any capital gains on frozen Russian sovereign assets to Ukraine.
4. The bill directs the U.S. Permanent Representative to the United Nations to use the voice, vote, and influence of the United States to encourage other countries to develop mechanisms to transfer any capital gains on Russian sovereign assets to Ukraine.
Committee Categories
Military Affairs and Security
Sponsors (64)
Lloyd Doggett (D)*,
Don Bacon (R),
Earl Blumenauer (D),
Brendan Boyle (D),
Sean Casten (D),
Judy Chu (D),
Emanuel Cleaver (D),
Steve Cohen (D),
Jim Costa (D),
Jasmine Crockett (D),
Jason Crow (D),
Henry Cuellar (D),
Danny Davis (D),
Suzan DelBene (D),
Brian Fitzpatrick (R),
John Garamendi (D),
Dan Goldman (D),
Josh Gottheimer (D),
Al Green (D),
Raúl Grijalva (D),
Hank Johnson (D),
Marcy Kaptur (D),
Bill Keating (D),
Ro Khanna (D),
Dan Kildee (D),
Andy Kim (D),
Doug Lamborn (R),
Greg Landsman (D),
Mike Lawler (R),
Ted Lieu (D),
Stephen Lynch (D),
Seth Magaziner (D),
Jim McGovern (D),
Gregory Meeks (D),
Grace Meng (D),
Carol Miller (R),
Marc Molinaro (R),
Joe Morelle (D),
Seth Moulton (D),
Jerry Nadler (D),
Donald Norcross (D),
Eleanor Holmes Norton (D),
Zach Nunn (R),
Frank Pallone (D),
Jimmy Panetta (D),
Bill Pascrell (D),
Donald Payne (D),
Mike Quigley (D),
Amata Radewagen (R),
Dutch Ruppersberger (D),
María Salazar (R),
Jan Schakowsky (D),
Adam Schiff (D),
Brad Schneider (D),
Brad Sherman (D),
Chris Smith (R),
Haley Stevens (D),
Eric Swalwell (D),
Dina Titus (D),
Paul Tonko (D),
David Trone (D),
Juan Vargas (D),
Susan Wild (D),
Joe Wilson (R),
Last Action
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 41 - 5. (on 12/13/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/house-bill/6416/all-info |
| BillText | https://www.congress.gov/118/bills/hr6416/BILLS-118hr6416ih.pdf |
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