To amend the Internal Revenue Code of 1986 to provide special rules for the taxation of certain residents of Taiwan with income from sources within the United States.
About This Bill
Passed
Latest Action · January 16, 2025
Received in the Senate and Read twice and referred to the Committee on Finance.
H.R. 33, the "United States-Taiwan Expedited Double-Tax Relief Act," would reduce tax burdens on qualified Taiwan residents who earn income from U.S. sources by lowering withholding tax rates on interest, dividends, and royalties from 30% to 10-15% and exempting certain wages and entertainment income under $30,000 from U.S. taxation. The bill affects Taiwan residents and businesses that meet specific ownership and trading requirements, as well as partnerships and trusts involving Taiwan residents. These tax benefits would only take effect after Taiwan provides equivalent reciprocal tax benefits to U.S. persons, and the Treasury Secretary would be authorized to issue detailed implementing regulations. Congress designed this legislation as an alternative to traditional tax treaties due to Taiwan's unique diplomatic status, establishing a framework for bilateral tax relief that circumvents the standard Senate treaty approval process.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.