Bill > S3084

This bill, the United States-Taiwan Expedited Double-Tax Relief Act, amends the Internal Revenue Code to provide special tax rules for certain residents of Taiwan with income from sources within the United States. The key provisions include: 1) Reducing the withholding tax rate on interest, dividends, royalties, and certain other income received by or paid to qualified residents of Taiwan. 2) Exempting qualified wages paid to qualified residents of Taiwan from U.S. federal income tax and withholding. 3) Exempting income derived by qualified residents of Taiwan from entertainment or athletic activities in the U.S. from U.S. federal income tax and withholding, up to $30,000 per year. 4) Establishing criteria for determining if an entity is a "qualified resident of Taiwan" eligible for these tax benefits, including ownership, income, and public trading requirements. 5) Providing rules for how these provisions apply to income connected to a U.S. permanent establishment of a qualified resident of Taiwan. 6) Authorizing the IRS to issue regulations to implement and prevent abuse of these special tax rules. The bill aims to provide expedited double-tax relief between the U.S. and Taiwan by granting certain tax preferences to qualifying Taiwanese residents and their income from U.S. sources.

https://www.congress.gov/bill/118th-congress/senate-bill/3084/all-info