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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 PM
Summary 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.
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.
Read the Full Bill
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, 2025
Bipartisan 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 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
Alternate 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
Sol Roach
724
1 year ago
Why do they want to change the tax rules for Taiwan residents in the US? Who benefits from this? #confused #taxes #HRBill33
Sponsors and Cosponsors of HR 33
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