May 11,2023

Wyden, Crapo, Neal, Smith Announce Bipartisan, Bicameral Effort to Extend Tax Preferences to Taiwan

WASHINGTON, DC—  Senate Finance Committee Chairman Ron Wyden (D-OR), Senate Finance Committee Ranking Member Mike Crapo (R-ID), House Ways & Means Committee Ranking Member Richard E. Neal (D-MA), and House Ways & Means Committee Chairman Jason Smith (R-MO) released the following statement on a bipartisan, bicameral effort to alleviate double taxation between the United States and Taiwan:

“Addressing cross-border economic burdens currently faced by American and Taiwanese businesses is urgent and requires the expertise of the tax-writing Committees in Congress. Taiwan’s unique status precludes it from the typical process of remedying double taxation through a treaty; therefore, Congress should amend the tax code to reduce the burden on U.S.-Taiwan cross-border investment. More investment will lead to more jobs and greater prosperity for American workers and families. Our Committees are exploring all avenues to provide significant treaty-like benefits through the tax code that will strengthen the economic partnership between the United States and Taiwan in an expedited way.”