May 10,2023

Crapo, Wyden, Smith, Neal Announce Bipartisan, Bicameral Effort to Extend Tax Preferences to Taiwan

Washington, D.C.--Senate Finance Committee Ranking Member Mike Crapo (R-Idaho), Chair Ron Wyden (D-Oregon), House Ways & Means Committee Chair Jason Smith (R-Missouri) and Ranking Member Richard E. Neal (D-Massachusetts) released the following statement on a bipartisan, bicameral effort to alleviate double taxation between the United States and Taiwan:

“Addressing cross-border economic burdens currently faced by American and Taiwanese businesses is urgent and requires the expertise of the tax-writing Committees in Congress.  Taiwan’s unique status precludes it from the typical process of remedying double taxation through a treaty; therefore, Congress should amend the tax code to reduce the burden on U.S.-Taiwan cross-border investment.  More investment will lead to more jobs and greater prosperity for American workers and families.  Our Committees are exploring all avenues to provide significant treaty-like benefits through the tax code that will strengthen the economic partnership between the United States and Taiwan in an expedited way.”