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H.R. 33: United States-Taiwan Expedited Double-Tax Relief Act

The "United States-Taiwan Expedited Double-Tax Relief Act" is designed to modify tax regulations affecting certain residents of Taiwan who earn income in the United States. The key features of the bill include:

Lower Withholding Rates

The bill proposes reducing withholding tax rates on particular types of income received by eligible Taiwanese residents. This aims to lessen the tax burden on this income and make it more beneficial for those residents to invest or engage in economic activities in the U.S.

Criteria for Eligibility

The legislation establishes specific criteria that residents of Taiwan must meet to qualify for these lower withholding rates. These criteria are intended to ensure that the benefits are appropriately directed to certain taxpayers under specified conditions.

Enhancing Tax Cooperation

One of the primary goals of the Act is to improve tax cooperation between the United States and Taiwan. This cooperation is expected to lead to mutual tax benefits, fostering a more favorable economic relationship between the two regions.

Presidential Authority to Negotiate

The bill grants the President authority to negotiate a tax agreement with Taiwan. This agreement must align with existing U.S. bilateral tax conventions, ensuring consistency with the broader framework of U.S. tax policy.

Consultation and Approval Processes

The Act outlines specific procedures for consultation with Congress regarding the negotiation of this tax agreement. It also includes processes for the approval of any agreements made, ensuring that legislative oversight is maintained.

Framework for Future Agreements

In addition to setting the groundwork for the initial agreement, the bill establishes a framework for subsequent negotiations and agreements related to double taxation matters, facilitating ongoing discussions and adaptations as necessary.

Overall Impact

Through these provisions, the bill seeks to create a more favorable tax environment for Taiwanese residents earning income in the U.S., while also enhancing bilateral relations and economic cooperation between the United States and Taiwan.

Relevant Companies

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This is an AI-generated summary of the bill text. There may be mistakes.

Actions

11 actions

Date	Action
Jan. 16, 2025	Received in the Senate and Read twice and referred to the Committee on Finance.
Jan. 15, 2025	Considered as unfinished business. (consideration: CR H170)
Jan. 15, 2025	Considered under the provisions of rule H. Res. 5. (consideration: CR H160-168)
Jan. 15, 2025	DEBATE - The House proceeded with one hour of debate on H.R. 33.
Jan. 15, 2025	Motion to reconsider laid on the table Agreed to without objection.
Jan. 15, 2025	On passage Passed by the Yeas and Nays: 423 - 1 (Roll no. 15). (text: CR H160-164)
Jan. 15, 2025	Passed/agreed to in House: On passage Passed by the Yeas and Nays: 423 - 1 (Roll no. 15). (text: CR H160-164)
Jan. 15, 2025	POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 33, the Chair put the question on passage and by voice vote, announced that the ayes had prevailed. Mr. Smith (MO) demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
Jan. 15, 2025	The previous question was ordered pursuant to the rule.
Jan. 03, 2025	Introduced in House
Jan. 03, 2025	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.

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