Legislation· Jan 2025Sponsored by Jason Smith (R)
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.
Creates tax benefits for Taiwan residents earning US income, pending a formal tax agreement with Taiwan.
Tradeoff
Cuts US tax withholding on certain investment income and wages paid to Taiwan residents from 30% to 10–15%, reducing federal revenue. Requires negotiation and Congressional approval of a formal tax treaty before taking full effect.
What's in it
The House passed this 423-1 on January 15, 2025. It is now in the Senate.
House
Introduced
(Jan 3, 2025)
House
Committee on Ways and Means(Jan 3, 2025)
The bill went to more than one committee at the same time.
House
Passage of the bill
Passed(Roll #15 · Jan 15, 2025)
423 yeanay 1Senate
Received from the House
on Finance(Jan 16, 2025)
- Richard E. Neal (D-MA)
- Vern Buchanan (R-FL)
- Lloyd Doggett (D-TX)
- Adrian Smith (R-NE)
- Mike Thompson (D-CA)
- Mike Kelly (R-PA)
- Linda T. Sánchez (D-CA)
- Darin LaHood (R-IL)
- Terri A. Sewell (D-AL)
- Ron Estes (R-KS)
- Suzan K. DelBene (D-WA)
- Lloyd Smucker (R-PA)
- Judy Chu (D-CA)
- Kevin Hern (R-OK)
- Gwen Moore (D-WI)
- Carol D. Miller (R-WV)
- Donald S. Beyer (D-VA)
- Gregory F. Murphy (R-NC)
- Jimmy Panetta (D-CA)
- Brian K. Fitzpatrick (R-PA)
- Steven Horsford (D-NV)
- Claudia Tenney (R-NY)
- Thomas R. Suozzi (D-NY)
- Michelle Fischbach (R-MN)
- Blake D. Moore (R-UT)
- Beth Van Duyne (R-TX)
- Randy Feenstra (R-IA)
- Nicole Malliotakis (R-NY)
- Mike Carey (R-OH)
- Rudy Yakym (R-IN)
- Max L. Miller (R-OH)
- Jimmy Gomez (D-CA)
- Aaron Bean (R-FL)
- Nathaniel Moran (R-TX)
- Brad Finstad (R-MN)
- Erin Houchin (R-IN)
- Michael Lawler (R-NY)
- Craig Goldman (R-TX)
- Josh Gottheimer (D-NJ)
- Earl L. "Buddy" Carter (R-GA)
- Greg Stanton (D-AZ)
- Zachary Nunn (R-IA)
- Dusty Johnson (R-SD)
- Andy Barr (R-KY)
- Lance Gooden (R-TX)
- Stacey E. Plaskett (D-VI)
Passage votes so far· Jan 15, 2025· 119th Congress · 2025–2027