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.

Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, 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.

Bill 119 HR 33, also known as the Taiwan Taxation Act, aims to amend the Internal Revenue Code of 1986 to establish special tax rules for residents of Taiwan who earn income from sources within the United States.

The bill recognizes the unique relationship between the United States and Taiwan and seeks to provide clarity and consistency in the taxation of Taiwanese residents with US income.

Specifically, the bill outlines provisions for determining the tax liability of Taiwanese residents, including rules for calculating taxable income, deductions, and credits. It also addresses issues related to withholding taxes and reporting requirements for Taiwanese residents. Overall, the Taiwan Taxation Act aims to streamline the tax process for Taiwanese residents with US income and ensure fair and accurate taxation practices.