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.
2/4/2025, 6:02 PMCongress
119
Number
HR - 33
Introduced on
2025-01-03
# Amendments
0
Sponsors
Cosponsors
+5
Related
Status of Legislation
Bill Introduced
Introduced to House
Passed in House
Introduced to Senate
Senate to Vote
Purpose and Summary
Received in the Senate and Read twice and referred to the Committee on Finance.
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.
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.
Alternative Names
Official Title as IntroducedTo 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.
Display TitleTo 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.
Official Title as IntroducedTo 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.
Policy Areas
Taxation
Potential Impact
Accounting and auditing•
Administrative law and regulatory procedures•
Asia•
Athletes•
Congressional oversight•
Department of the Treasury•
Foreign and international corporations•
Foreign property•
Immigration status and procedures•
Income tax rates•
Interest, dividends, interest rates•
Securities•
Service industries•
Taiwan•
Tax administration and collection, taxpayers•
Taxation of foreign income•
U.S. and foreign investments•
Wages and earnings
Comments
Most relevant
Recent Activity
Latest Action1/16/2025
Received in the Senate and Read twice and referred to the Committee on Finance.