Leaders of Congress’s main tax committees in the House and Senate introduced bipartisan legislation Thursday to relieve double-taxation of investments between the U.S. and Taiwan for businesses and employees.
The U.S.-Taiwan Expedited Double Tax Relief Act received a unanimous vote in the Senate Finance Committee last month after Congress overwhelmingly passed legislation to approve a new trade agreement with Taiwan earlier this year in an effort to counter mainland China.
Lawmakers had proposed the bill back in July, but it was held up for a time by Sen. Rand Paul, R-Kentucky, who has opposed approval of new tax treaties until the Foreign Account Tax Compliance Act is repealed.
I-Hwa Cheng/Bloomberg
The bill was introduced Thursday by the original proponents of the discussion draft: the chair of the Senate Finance Committee, Ron Wyden, D-Oregon, ranking member Mike Crapo, R-Idaho, the chair of the House Ways and Means, Jason Smith, R-Missouri, and ranking member Richard Neal, D-Massachusetts.
“It’s a no-brainer for U.S. jobs and for America’s national security to strengthen our economic partnership with Taiwan,” Wyden said in a statement. “Today is another important step forward toward relieving double-taxation on activity between the U.S. and Taiwan, and supercharging chip manufacturing in America. It’s not every day you see the bipartisan leaders of Finance and Ways and Means come together to introduce legislation. I’m committed to continue working closely with Ranking Member Crapo, Chairman Smith and Ranking Member Neal to get our legislation over the finish line.”
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