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The House passed H.R. 33, a bill to prevent double taxation on income earned by residents and businesses from Taiwan. The measure passed with nearly unanimous support.
H.R. 33, known as the "United States-Taiwan Expedited Double-Tax Relief Act," modifies how individuals and companies from Taiwan are taxed on income earned within the United States. Because the U.S. does not have a formal tax treaty with Taiwan, these residents often face a high 30% flat tax on income like dividends, interest, and royalties. This bill lowers those rates to 10% or 15% and provides tax exemptions for certain wages, making it easier and cheaper for Taiwanese entities to do business in the U.S. This was a vote on "passage," which is the final stage for a bill in the House of Representatives. It required a simple majority of members present and voting to move forward. Because the bill passed, it has now been sent to the Senate for further consideration. The outcome was overwhelmingly bipartisan, with 423 members voting in favor and only one voting against. This level of consensus suggests a strong shared interest in both parties to strengthen economic ties with Taiwan and encourage foreign investment in the American economy. The bill now heads to the Senate Finance Committee.
The bill has been received in the Senate, where it was referred to the Committee on Finance for review.
OPEN BILL →Why it matters. By eliminating double taxation, the bill makes the U.S. a more attractive destination for Taiwanese capital and technology, which is critical for the semiconductor and electronics industries.
Who’s affected. Taiwanese Investors: Directly reduces their U.S. tax burden from 30% to as low as 10% on investment income. · U.S. Tech Companies: Facilitates easier partnerships and resource sharing with Taiwanese suppliers and manufacturers. · U.S. Financial Institutions: Requires updates to withholding processes for transactions involving Taiwanese residents.
Democrats. The Democratic caucus voted unanimously in favor of the bill.
Republicans. The Republican caucus was nearly unanimous, with 216 members in favor and only one dissenting vote.
On Passage
Jan 15, 2025
The House passed H.R.
33, a bill to prevent double taxation on income earned by residents and businesses from Taiwan. The measure passed with nearly unanimous support.
This was a final vote to approve the bill in the House of Representatives. Under standard rules, the bill needed more 'yes' votes than 'no' votes to pass and be sent to the Senate.
The bill has been received in the Senate, where it was referred to the Committee on Finance for review.
By eliminating double taxation, the bill makes the U.S. a more attractive destination for Taiwanese capital and technology, which is critical for the semiconductor and electronics industries.
The vote was almost entirely unanimous, demonstrating a rare and total consensus between Democrats and Republicans on international tax policy regarding Taiwan.
The Democratic caucus voted unanimously in favor of the bill.
The Republican caucus was nearly unanimous, with 216 members in favor and only one dissenting vote.
The lone independent member voted in favor of the bill.