Bipartisan, bicameral legislation to relieve the double-taxation of investments between the United States and Taiwan has been introduced by the leaders of the two Congressional tax-writing committees.
The US-Taiwan Expedited Double Tax Relief Act is cosponsored by House Ways and Means Committee Chairman Jason Smith (R-Mo) and ranking Democrat Richard Neal (Mass), along with Senate Finance Committee Chairman Ron Wyden (D-Ore) and ranking Republican Mike
Crapo (Idaho).
The bill passed unanimously out of the Senate Finance Committee last month. Earlier this year Congress overwhelmingly passed legislation to approve a new trade deal with Taiwan.
“American and Taiwanese workers and businesses need relief from the double-tax burdens they face when operating across our borders,” Rep. Smith said. “This legislation will encourage greater investment in our communities and create jobs while promoting prosperity for America and a key economic partner. By providing greater certainty for businesses small and large investing overseas, we can strengthen the foundation of our economic partnership in a key region of the world.”
Sen. Wyden expressed hope the legislation can “get over the finish line” as quickly as possible.
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