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.

Cosponsors

Summary

This bill does not yet have a summary.

Subjects

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

Policy Areas

Taxation

Next Steps

The bill has been referred to the House Ways and Means Committee and the House Rules Committee. The next steps include committee hearings, potential markup sessions, and a floor vote in the House if approved by the committees.

Social Impact

The bill's social impact is potentially limited to the Taiwanese community in the US, potentially promoting closer economic ties between the US and Taiwan, while the scope and magnitude are hard to predict.

Business Impact

If passed, the bill could significantly reduce the tax burden for Taiwanese businesses operating in the US, potentially increasing investment and economic activity. It may also affect US businesses with ties to Taiwan. The extent of the impact depends on specific provisions and the eventual tax agreement.

Financial Impact

The bill aims to provide tax relief for certain Taiwanese residents earning income in the US, reducing tax revenue for the US government. The financial impact will depend on the number of individuals and entities benefiting from the new tax rules and the final agreement.

Bill History

Friday, January 3, 2025
IntroReferral - Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Friday, January 3, 2025
IntroReferral - Introduced in House

Bill Text

Introduced in House January 3, 2025
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Sponsors