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 PMSummary of Bill HR 33
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.
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Current Status of Bill HR 33
Bill HR 33 is currently in the status of Passed in House since January 15, 2025. Bill HR 33 was introduced during Congress 119 and was introduced to the House on January 3, 2025. Bill HR 33's most recent activity was Received in the Senate and Read twice and referred to the Committee on Finance. as of January 16, 2025Bipartisan Support of Bill HR 33
Total Number of Sponsors
17Democrat Sponsors
0Republican Sponsors
17Unaffiliated Sponsors
0Total Number of Cosponsors
245Democrat Cosponsors
87Republican Cosponsors
158Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 33
Primary Policy Focus
TaxationPotential Impact Areas
Accounting and auditingAdministrative law and regulatory proceduresAsiaAthletesCongressional oversightDepartment of the TreasuryForeign and international corporationsForeign propertyImmigration status and proceduresIncome tax ratesInterest, dividends, interest ratesSecuritiesService industriesTaiwanTax administration and collection, taxpayersTaxation of foreign incomeU.S. and foreign investmentsWages and earningsAlternate Title(s) of Bill HR 33
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.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.Comments
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Sponsors and Cosponsors of HR 33
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