,i  #aag? ,,congress  #b;d ,session  ,h4
 ,r4 #gija  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,may #bg1 #bjbb,mr4   
,s*neid] 7= himself1 ,mr4 ,gold51 ,mr4  
,bacon1 ,mr4 ,c>bajal1 ,mr4 ,baird1 &   
,mr4 ,k9z+]7 introduc$ ! foll[+ bill2   
:i* 0 ref]r$ to ! ,committee on ,ways & 
,means  ,a ,,bill  ,to am5d ! ,int]nal  
,rev5ue ,code ( #aihf to d5y =eign tax  
cr$its or d$uctions ) respect to taxes  
paid or accru$ to ! ,russian ,f$]ation &
 ! ,republic ( ,bel>us1 to provide = !  
d5ial ( c]ta9 o!r tax b5efits 9         
connection ) ! invasion ( ,ukra9e1 & =  
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,support ,ukra9e ,?r\gh
 ,our ,tax ,code ,act4  #b4 ,d5ial (    
=eign tax cr$it1 etc41 ) respect to     
taxes paid or accru$ to ! ,russian      
,f$]ation & ! ,republic ( ,bel>us  7a7  
,9 g5]al ,section #ija7;j77#b7 ( !      
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new           
subp>agraph3  7,c7 ,special rule =      
,russia & ,bel>us  7i7 ,9 g5]al ,?is    

subsection %all apply to ! ,russian     
,f$]ation & ! ,republic ( ,bel>us dur+ !
 p]iod describ$ 9 clause 7ii74  7ii7    
,p]iod ( application ,! p]iod describ$ 9
 ?is clause ) respect to any c\ntry is !
 p]iod-- 7,i7 beg9n+ on ! date t is #ij 
days aft] ! date ( ! enactm5t ( ?is     
subp>agraph1 &  7,,ii7 end+ on ! date on
 :i* ! resumption ( ! application ( !   
rates ( duty set =? 9 column #a ( !     
,h>moniz$ ,t>iff ,s*$ule ( ! ,unit$     
,/ates to products ( t c\ntry takes     
effect pursuant to section #d7;b7 ( !   
,susp5d+ ,normal ,trade ,relations )    
,russia & ,bel>us ,act4  4  7b7         
,d$uction d5i$  7#a7 ,9 g5]al ,section  
#bge7;a7 ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by ins]t+ aft] p>agraph  
7#f7 ! foll[+ new p>agraph3  7#g7       
,income1 w> pr(its1 & excess pr(its     
taxes paid or accru$ 7or deem$ paid "u  
section #ifj7 to any c\ntry describ$ 9  
section #ija7;j77#b77;,c77i7 ) respect  
to income attributable to any p]iod     
describ$ 9 section                      

#ija7;j77#b77;,c77ii74  4  7#b7 ,con=m+ 
am5dm5t ,section #ija7;j77#c7 ( su*     
,code is am5d$ by add+ at ! end ! foll[+
 new s5t5ce3 ,! prec$+ s5t5ce %all n    
apply to any taxes paid or accru$ 7or   
deem$ paid "u section #ifj7 to any      
c\ntry describ$ 9 p>agraph 7#b77;,c77i7 
) respect to income attributable to any 
p]iod describ$ 9 p>agraph               
7#b77;,c77ii744  7c7 ,special transition
 rules = taxpay]s exit+ c\ntries = :i*  
=eign tax cr$it is d5i$  7#a7 ,9 g5]al  
,if-- 7,a7 any portion ( a taxable ye> (
 a taxpay] occurs dur+ ! po/-exit p]iod1
 &  7,b7 su* taxpay] is an applicable   
taxpay] = su* portion ( ! taxable ye> ) 
respect to a =eign c\ntry to :i* section
 #ija7;j77#b77;,c7 ( ! ,int]nal ,rev5ue 
,code ( #aihf 7z add$ by subsection 7a77
 applies1  !n1 not)/&+ su* section      
#ija7;j77#b77;,c71 sections             
#ija7;j77#a77;,b7 & #ieb7;a77#e7 ( su*  
,code %all n apply to income d]iv$ by ! 
taxpay] f su* =eign c\ntry dur+ su*     
portion ( su* taxable ye>4  7#b7        

,applicable taxpay]  7,a7 ,9 g5]al ,a   
taxpay] is an applicable taxpay] )      
respect to a =eign c\ntry = any portion 
( a taxable ye> occurr+ dur+ ! po/-exit 
p]iod if-- 7i7 ! gross receipts ( !     
taxpay] = su* portion d]iv$ f su* =eign 
c\ntry 7det]m9$ "u rules sub/antially   
simil> to ! rules ( "p ,i ( sub*apt] ,n 
( *apt] #a ( ! ,int]nal ,rev5ue ,code ( 
#aihf7 are-- 7,i7 9 ! case ( ! p]iod    
beg9n+ ) ! fir/ day ( ! fir/ mon? beg9n+
 aft] ! fir/ day ( ! po/-exit p]iod &   
end+ ) ! la/ day ( ! fir/ taxable ye>   
end+ on or aft] su* date1 less ?an #ae  
p]c5t ( su* gross receipts d]iv$ dur+ ! 
pre-exit p]iod1 &  7,,ii7 9 ! case ( any
 taxable ye> beg9n+ aft] ! fir/ day ( ! 
po/-exit p]iod1 less ?an #e p]c5t ( su* 
gross receipts d]iv$ dur+ ! pre-exit    
p]iod1 or  7ii7 ! taxpay] meets su* o!r 
requirem5ts z ! ,secret>y ( ! ,treasury 
7or ! ,secret>y's delegate7 may by      
regulation or guidance prescribe to     
det]m9e :e!r a taxpay] has exit$ f do+  
bus9ess 9 su* =eign c\ntry4  7,b7 ,rules

 = det]m9+ gross receipts  7i7          
,aggregation rules ,! rules ( section   
#ddh7;c77#b7 %all apply = purposes ( ?is
 p>agraph1 except t-- 7,i7 9 apply+     
section #eb7;a71 ! exception = =eign    
corporations "u section                 
#aefc7;b77#b77;,c7 %all be disreg>d$1 & 
7,,ii7 9 apply+ section #eb7;b71 !      
pr9ciples :i* apply "u section #eb7;a7  
%all include ! modification "u subclause
 7,i7 & ! t]m trade or bus9ess %all     
include any activity treat$ z a trade or
 bus9ess "u p>agraph 7#e7 or 7#f7 (     
section #dfi7;c7 7det]m9$ )\t reg>d to !
 phrase1 ,to ! ext5t provid$ 9          
regulations 9 su* p>agraph 7#f774  7ii7 
,special rules ,! rules ( section       
#ddh7;c77#c7 %all apply = purposes ( ?is
 p>agraph1 except t 9 apply+ subp>agraph
 7,b7 !re( to a taxable ye> 9 :i* !     
entire taxable ye> does n occur dur+ !  
po/-exit p]iod1 ! portion ( ! ye> dur+  
su* p]iod %all be treat$ z a %ort       
taxable ye> = purposes ( det]m9+        
annualiz$ gross receipts4  7iii7        

,receipts relat$ to humanit>ian purposes
 ,= purposes ( ?is subsection1 gross    
receipts %all n include am\nts-- 7,i7   
:i* are cov]$ "u g5]al or specific      
lic5ses ( ! ,(fice ( ,=eign ,assets     
,control ( ! ,dep>tm5t ( ! ,treasury :i*
 h be5 id5tifi$ by ! ,secret>y ( !      
,treasury 7or ! ,secret>y's delegate7 z 
lic5ses to :i* ?is clause applies1 or   
7,,ii7 :i* ! ,secret>y ( ! ,treasury 7or
 ! ,secret>y's delegate7 has o!rwise    
id5tifi$ z humanit>ian 9 nature4  7#c7  
,p]iods ,= purposes ( ?is subsection--  
7,a7 ,pre-exit p]iod ,! t]m pre-exit    
p]iod means-- 7i7 except z provid$ 9    
clause 7ii71 ! #ab-mon? p]iod end+ on   
,decemb] #ca1 #bjba1 &  7ii7 9 ! case ( 
a taxpay] ) a taxable ye> :i* ends on or
 aft] ,novemb] #cj1 #bjba1 & be=e       
,febru>y #bd1 #bjbb1 su* taxable ye>4   
7,b7 ,po/-exit p]iod ,! t]m po/-exit    
p]iod means1 ) respect to any =eign     
c\ntry1 ! p]iod dur+ :i* section        
#ija7;j77#b77;,c7 ( ! ,int]nal ,rev5ue  
,code ( #aihf 7z add$ by subsection 7a77

 applies to su* =eign c\ntry 7det]m9$   
)\t reg>d to ?is subsection74  7d7      
,effective date ,! am5dm5ts made by ?is 
section %all take effect on ! date ( !  
enactm5t ( ?is ,act4  #c4 ,d5ial ( c]ta9
 o!r tax b5efits 9 connection ) !       
invasion ( ,ukra9e  7a7 ,9 g5]al ,9 !   
case ( any p]son to :om ?is section     
applies-- 7#a7 section #hib7;a7 ( !     
,int]nal ,rev5ue ,code ( #aihf 7relat+  
to income ( =eign gov]nm5ts7 %all n     
apply to income receiv$ dur+ ! p]iod ?is
 section applies to su* p]son1  7#b7    
not)/&+ section #hid ( su* ,code1 su*   
,code %all be appli$ to su* p]son )\t   
reg>d to any treaty obligation ( !      
,unit$ ,/ates dur+ ! p]iod ?is section  
applies to su* p]son1  7#c7 section #hie
 ( su* ,code 7relat+ to income d]iv$ by 
a =eign c5tral bank ( issue f           
obligations ( ! ,unit$ ,/ates or f bank 
deposits7 %all n apply to any c5tral    
bank ( su* p]son1  7#d7 sections        
#hga7;h7 7relat+ to repeal ( tax on     
int]e/ ( nonresid5t ali5 individuals    

receiv$ f c]ta9 portfolio debt          
inve/m5ts7 & #hha7;c7 7relat+ to repeal 
( tax on int]e/ ( =eign corporations    
receiv$ f c]ta9 portfolio debt          
inve/m5ts7 ( su* ,code %all n apply to  
int]e/ receiv$ dur+ ! p]iod ?is section 
applies to su* p]son1  7#e7 section     
#hfd7;b7 ( su* ,code 7relat+ to trade or
 bus9ess )9 ! ,unit$ ,/ates7 %all be    
appli$ )\t reg>d to p>agraph 7#b7 !re(  
7relat+ to exception = trad+ 9          
securities or commodities7 ) respect to 
! p]iod dur+ :i* ?is section applies to 
su* p]son1  7#f7 section #hhc ( su*     
,code 7relat+ to exclusion ( income f   
%ipp+1 etc47 %all n apply to income or  
e>n+s receiv$ dur+ ! p]iod ?is section  
applies to su* p]son1 &  7#g7 not)/&+   
section #hig7l7 ( su* ,code1 any tru/1  
corporation1 or o!r organization or     
arrangem5t e/abli%$ by su* p]son %all n 
be treat$ z a qualifi$ =eign p5sion fund
 "u section #hig ( su* ,code dur+ !     
p]iod ?is section applies to su* p]son4 
7b7 ,p]sons to :om ?is section applies  

7#a7 ,9 g5]al ,?is section %all apply   
to-- 7,a7 any p]son ) respect to :i*    
sanctions h be5 impos$ by ! ,unit$      
,/ates 9 relation to ! invasion (       
,ukra9e by ! ,russian ,f$]ation t began 
on ,febru>y #bd1 #bjbb1  7,b7 ! gov]nm5t
 ( any =eign c\ntry to :i* section      
#ija7;j77#b77;,c7 ( ! ,int]nal ,rev5ue  
,code ( #aihf applies1 &  7,c7 any o!r  
p]son id5tifi$ by ! ,secret>y z-- 7i7 a 
p]son describ$ 9 p>agraph 7#b71 &  7ii7 
a p]son ) respect to :i* ! application (
 ?is section w\ld advance ef=ts to      
re/ore & ma9ta9 ! peace1 security1      
/ability1 sov]eignty1 & t]ritorial      
integrity ( ,ukra9e 7z det]m9$ by !     
,secret>y 9 consultation ) ! ,secret>y (
 ,/ate74  7#b7 ,p]sons describ$ ,a p]son
 is describ$ 9 ?is p>agraph if su*      
p]son-- 7,a7 is a p]son t-- 7i7 is      
p>ticipat+ or has p>ticipat$ 9 !        
invasion ( ,ukra9e1 &  7ii7 ei!r-- 7,i7 
owns1 directly or indirectly1 at lea/   
#a1jjj1jjj ( assets 9 ! ,unit$ ,/ates1  
or  7,,ii7 has1 = ! mo/ rec5t cal5d>    

ye>1 at lea/ #a1jjj1jjj ( income f      
s\rces )9 ! ,unit$ ,/ates1  7,b7 is an  
entity t-- 7i7 is organiz$ 91 or a tax  
resid5t (1 a =eign c\ntry 7includ+ any  
subdivision !re(7 to :i* section        
#ija7;j77#b77;,c7 ( su* ,code applies1  
7ii7 is n a controll$ =eign corporation 
7z def9$ 9 section #ieg ( su* ,code71 & 
7iii7 has provid$ or sold goods or      
s]vices to a gov]nm5t 7includ+ any      
in/rum5tality !re(7 to :i* section      
#ija7;j77#b77;,c7 ( su* ,code applies1  
7,c7 is an executive1 bo>d memb]1 or    
(fic] ( an entity describ$ 9 subp>agraph
 7,b71 or  7,d7 is a p]son t is relat$  
to any o!r p]son to :i* ?is section     
applies4  7#c7 ,special rules =         
controll$ entities ,"u regulations      
provid$ by ! ,secret>y-- 7,a7 ,9 g5]al  
,! ,secret>y may treat a p]son controll$
 7)9 ! mean+ ( section #ied7;d77#c7 ( ! 
,int]nal ,rev5ue ,code ( #aihf7 by a    
p]son describ$ 9 p>agraph 7#a7 z a p]son
 to :om ?is section applies )\t reg>d to
 :e!r su* controll$ p]son has be5       

id5tifi$ by ! ,secret>y "u p>agraph     
7#a77;,c74  7,b7 ,notification  7i7 ,9  
g5]al ,! ,secret>y may require any p]son
 treat$ z a p]son to :om ?is section    
applies by reason ( subp>agraph 7,a7 to 
provide notice to ! ,secret>y & to ea*  
)hold+ ag5t ( su* p]son t ?is section   
applies to su* p]son4  7ii7 ,p5alties ,=
 purposes ( apply+ "p ,,ii ( sub*apt] ,b
 ( *apt] #fh ( ! ,int]nal ,rev5ue ,code 
( #aihf-- 7,i7 any notice requir$ to be 
provid$ to ! ,secret>y "u clause 7i7    
%all be treat$ z an in=mation return    
describ$ 9 section #fgbd7;d77#a7 ( su*  
,code1 &  7,,ii7 any notice requir$ to  
be provid$ to a )hold+ ag5t "u clause   
7i7 %all be treat$ z a payee /atem5t    
describ$ 9 section #fgbd7;d77#b7 ( su*  
,code4  7c7 ,p]iod = :i* ?is section    
applies ,= purposes ( ?is section-- 7#a7
 ,9 g5]al ,?is section applies to any   
p]son describ$ 9 subsection 7b7 dur+ !  
p]iod-- 7,a7 except z provid$ 9 p>agraph
 7#b71 beg9n+ on ! date t is #cj days   
aft] ! lat] (-- 7i7 ! date ( ! enactm5t 

( ?is ,act1 or  7ii7 ! date su* p]son is
 fir/ describ$ 9 subsection 7b71 &  7,b7
 end+ on ! date su* p]son is no long]   
describ$ 9 subsection 7b74  7#b7        
,special rules = portfolio int]e/  7,a7 
,9 g5]al ,= purposes ( apply+ subsection
 7a77#d71 except z provid$ 9 subp>agraph
 7,b71 ! p]iod describ$ 9 p>agraph 7#a7 
%all beg9 on ! lat] (-- 7i7 ! date t is 
#ahj days 7#fj days 9 ! case (          
obligations issu$ on or aft] ! date ( ! 
enactm5t ( ?is ,act7 aft] ! date (      
enactm5t ( ?is ,act1 or  7ii7 #fj days  
aft] ! date su* p]son fir/ becomes      
describ$ 9 subsection 7b74  7,b7        
,significant modifications ,if1 aft] !  
date ( ! enactm5t ( ?is ,act1 !re is a  
significant modification ( an obligation
 issu$ be=e ! date ( ! enactm5t ( ?is   
,act1 !n1 = purposes ( apply+ subsection
 7a77#d71 ! p]iod describ$ 9 p>agraph   
7#a7 %all beg9 on ! lat] (-- 7i7 ! e>li]
 (-- 7,i7 ! day t is #fj days aft] !    
date ( su* significant modification1 or 
7,,ii7 ! day t is #ahj days aft] ! date 

( ! enactm5t ( ?is ,act1 or  7ii7 ! date
 t is #fj days aft] ! date su* p]son    
fir/ becomes describ$ 9 subsection 7b74 
7d7 ,def9itions ,= purposes ( ?is       
section-- 7#a7 ,secret>y ,! t]m         
,secret>y means ! ,secret>y ( !         
,treasury4  7#b7 ,relat$ ,a p]son       
7h]e9aft] 9 ?is p>agraph ref]r$ to z !  
relat$ p]son7 is relat$ to any p]son    
if-- 7,a7 ! relat$ p]son be>s a         
relation%ip to su* p]son :i* is-- 7i7   
specifi$ 9 section #bfg7;b7 or          
#gjg7;b77#a7 ( ! ,int]nal ,rev5ue ,code 
( #aihf1 or  7ii7 specifi$ 9 !          
regulations prescrib$ "u subsection 7f71
 or  7,b7 ! relat$ p]son & su* p]son are
 engag$ 9 trades or bus9esses "u common 
control 7)9 ! mean+ ( subsections 7a7 & 
7b7 ( section #eb ( su* ,code1 det]m9$  
aft] ! application ( ! rules ( section  
#b7;c77#b77;,b77i774  7e7 ,reports ,n   
lat] ?an #a ye> aft] ! date ( ! enactm5t
 ( ?is ,act1 & annually !reaft]1 !      
,secret>y %all submit to ,congress a    
report detail+ ! p>amet]s1 processes1 & 

ju/ifications by :i* a p]son is id5tifi$
 by ! ,secret>y "u 7b77#a77;,c7 ( ?is   
section4  7f7 ,regulations ,! ,secret>y 
%all prescribe su* regulations1 rules1  
or o!r guidance z ! ,secret>y det]m9es  
necess>y or appropriate to c>ry out !   
purposes ( ?is section4  #d4 ,susp5sion 
( tax in=mation ex*anges ,if !re is a   
tax conv5tion 7)9 ! mean+ ( section     
#faje7;c77#b7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf7 provid+ = ! ex*ange ( tax     
in=mation betwe5 ! ,unit$ ,/ates & any  
=eign c\ntry to :i* section             
#ija7;j77#b77;,c7 ( su* ,code 7z add$ by
 section #b7;a77 applies1 ! ,secret>y ( 
! ,treasury 7or ! ,secret>y's delegate7 
%all n ex*ange su* tax in=mation ) su*  
=eign c\ntry dur+ ! p]iod t su* section 
applies to su* =eign c\ntry4  #e4       
,treaty obligations ,?is ,act & !       
am5dm5ts made by ?is ,act %all be appli$
 )\t reg>d to any treaty obligation ( ! 
,unit$ ,/ates4