HR 6416 United States House · 118th Congress

Russian War Crimes in Ukraine Tax Act

HR 6416, the "Russian War Crimes in Ukraine Tax Act," imposes a 100% tax on interest and dividends earned from frozen Russian and Belarusian sovereign assets held abroad. This tax revenue is directed into a new Ukraine Reconstruction Trust Fund, which must be used for Ukraine's reconstruction, humanitarian aid, economic development, and transparent governance. The bill requires U.S. financial institutions to withhold this tax from qualifying income and overrides international treaty obligations to ensure implementation. It also mandates annual reports on fund usage to Congress, specifying that all revenues from the tax must support Ukraine's recovery efforts as defined in the legislation.

Issues: ✓ Budget & Taxes

Sub-Topics: Revenue

Bill status in committee 1 of 4 stages cleared

Introduction

Nov 2023

Committee Review

Floor Vote

President

Introduced Nov 15, 2023 Last action Dec 13, 2023

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Full legislative history

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Committee

Amendments

Dec 13, 2023

Introduced

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

lower

Dec 13, 2023

Lower · Passed

Committee Consideration and Mark-up Session Held

lower

Nov 15, 2023

Committee

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.

lower

Nov 15, 2023

Introduced

Introduced in House

lower

1 primary · 63 co-sponsors