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.
Passed first chamber: it can still change before the session ends.
- Stage
- Passed first chamber
- Started in
- House
- Sponsors
- 47
- Latest action
- Jan 16, 2025
What it does
The bill would amend the Internal Revenue Code to provide special tax rules for certain residents of Taiwan who earn income from U.S. sources, reducing withholding rates on interest, dividends, and royalties and exempting certain wages and entertainment income from U.S. taxation. It applies to qualified residents of Taiwan who meet specific ownership or employment criteria, such as holding at least 10% of a corporation’s stock or earning wages from non-U.S. employers. The legislation aims to prevent double taxation by substituting lower tax rates and modifying how income connected to a U.S. permanent establishment is taxed.
No official summary is available here. This one was written by AI from the bill’s text.
Where it stands
Introduced (Done)
Committee (Done)
Floor (Current step)
Law (Not started)
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
Where it goes next
While a bill can still move, the questions are about people and money.