U.S. House Passes H.R. 33 to Ease Tax Burden on U.S.-Taiwan Business

Jan 15, 2025, 09:50 PM

The U.S. House of Representatives has passed the United States-Taiwan Expedited Double-Tax Relief Act (H.R. 33) with a vote of 423-1, showcasing strong bipartisan support. The legislation aims to eliminate double taxation on companies doing business between the U.S. and Taiwan, thereby strengthening economic ties and reducing reliance on China. Key benefits include boosting American manufacturing jobs, supporting domestic semiconductor and chip manufacturing, securing strategic supply chains, and countering China's influence. The bill is now headed to the Senate for consideration.