Wyden, Crapo, Smith and Neal Introduce Bipartisan, Bicameral Taiwan Tax Bill
Introduction Represents Concrete Step Forward for Bill To Provide Double-Tax Relief, Strengthen U.S.-Taiwan Ties and Spur Economic Development
Washington, D.C. – Senate Finance Committee Chair Ron Wyden, D-Ore., and Ranking Member Mike Crapo, R-Idaho, with House Ways and Means Chairman Jason Smith, R-Mo., and Ranking Member Richard Neal, D-Mass., formally introduced legislation to relieve double-taxation of investments between the U.S. and Taiwan.
“It’s a no-brainer for U.S. jobs and for America’s national security to strengthen our economic partnership with Taiwan,” Wyden said. “ Today is another important step forward toward relieving double-taxation on activity between the U.S. and Taiwan, and supercharging chip manufacturing in America. It’s not every day you see the bipartisan leaders of Finance and Ways and Means come together to introduce legislation. I’m committed to continue working closely with Ranking Member Crapo, Chairman Smith and Ranking Member Neal to get our legislation over the finish line.”
“Without question, deepening ties with Taiwan and its vibrant democracy is in our nation’s best interests,” Crapo said. “Building off of the Finance Committee’s unanimous support last month to strengthen those economic ties and encourage cross-border investment, today’s introduction in both the Senate and the House marks an important next step in unlocking opportunities to help workers and businesses of all sizes get ahead in both the U.S. and Taiwan. In Idaho and throughout our country, our economic and strategic relationship with Taiwan is as important as ever, and I look forward to continuing our work to get this bill expeditiously passed into law.”
“American and Taiwanese workers and businesses need relief from the double-tax burdens they face when operating across our borders,” 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.”
“Addressing cross-border economic burdens currently faced by American and Taiwanese businesses is urgent, and today’s legislation not only reflects the expertise of both sides of the tax-writing Committees in Congress but also will provide relief to workers and businesses in both jurisdictions,” Neal said. “The U.S.-Taiwan alliance is ripe for expanded investment, and this bipartisan, bicameral effort will strengthen ties, lead to more jobs, and spur the manufacturing industry. Passing much-needed legislation like this is exactly why House Republicans need to join with Democrats in finding a bipartisan path forward to get the House back up and running.”
The U.S.-Taiwan Expedited Double Tax Relief Act passed unanimously out of the Senate Finance Committee last month. Earlier this year Congress overwhelmingly passed legislation to approve a new trade agreement with Taiwan, in another strong show of support for the U.S.-Taiwan alliance.
The text of the U.S-Taiwan Expedited Double Tax Relief Act is available here.
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