The US House of Representatives on Wednesday passed a measure that would eliminate double taxation between Taiwan and the US as part of a larger taxation package.
The US-Taiwan Expedited Double-Tax Relief Act was included in a US$78 billion package of tax breaks for businesses and low-income families passed by a 357 to 70 vote.
The long-anticipated measure aims to eliminate double taxation of those who receive income in Taiwan and the US, including semiconductor manufacturers building factories in the US.
Photo: EPA-EFE
The Tax Relief for American Families and Workers Act of 2024 now heads to the US Senate, where Republicans have voiced resistance to some aspects of the larger bill.
However, the strong bipartisan support shown by the House vote might influence its passage in the Senate.
US Representative Ami Bera said in a statement that the legislation would reduce dependence on the People’s Republic of China for critical technologies and resources, and increase direct investment between Taiwan and the US.
It would not only increase Taiwan-US competitiveness, but also improve the ability of workers and businesses to withstand Beijing’s economic influence, and enhance the thriving relationship between Taipei and Washington, he said.
After the bill passed committee review last month, White House press secretary Karine Jean-Pierre said that its progress was encouraging and welcomed, and that the White House expected it to pass the US Congress and be signed into law by US President Joe Biden.
In Taipei, Executive Yuan spokesman Lin Tze-luen (林子倫) yesterday thanked US lawmakers for their support and said Taiwan is optimistic that the rest of the legislative process could be completed quickly.
There is a high degree of agreement between Taiwan and the US on the double-taxation issue, Lin told a news conference following a Cabinet meeting.
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