Bill > HR5988

This bill, the United States-Taiwan Expedited Double-Tax Relief Act, amends the Internal Revenue Code to provide special rules for the taxation of certain residents of Taiwan with income from sources within the United States. The key provisions include: - Reduced withholding tax rates on certain types of income (e.g., interest, dividends, royalties) paid to qualified residents of Taiwan, with some exceptions. - Exemption from U.S. tax on certain qualified wages paid to qualified residents of Taiwan who are not U.S. residents or who are employed on international ships or aircraft. - Exemption from U.S. tax on certain income derived by qualified resident of Taiwan entertainers or athletes, up to $30,000 in gross receipts. - Special rules for determining the U.S. taxable income of qualified residents of Taiwan with a U.S. permanent establishment. - Criteria for determining who qualifies as a "qualified resident of Taiwan" for purposes of the special tax rules. The bill also authorizes the President to negotiate and enter into a tax agreement with Taiwan to address double taxation issues, subject to certain requirements and congressional oversight.

Budget and Finance

https://www.congress.gov/bill/118th-congress/house-bill/5988/all-info