U.S. Senators Jim Risch and Jeanne Shaheen, along with Mike Crapo and Ron Wyden, have introduced a new piece of legislation aimed at providing double-tax relief between the United States and Taiwan. This bipartisan, bicameral bill seeks to expedite relief on cross-border investments and authorizes the President to negotiate a tax agreement with Taiwan for broader bilateral tax benefits.

The proposed legislation is a companion to H.R. 33, which recently passed in the U.S. House of Representatives with overwhelming support, receiving a vote of 423-1 on January 15th.

"Taiwan is a close friend and partner of the United States as we look to support regional stability and secure supply chains that are critical for the American economy," said Senators Risch and Shaheen. They emphasized that the legislation aims to reduce unnecessary double taxation on companies, spur economic prosperity, and deepen economic ties with Taiwan.

Senators Crapo and Wyden highlighted Taiwan's unique status necessitating a distinct tax solution. "This legislation strengthens the economic partnership between the U.S. and Taiwan by delivering treaty-like tax benefits for American and Taiwanese workers and businesses operating across our borders," they said. The Finance Committee has shown unanimous support for this initiative in the past.

The bill includes provisions from previous acts passed by both the Finance Committee and Foreign Relations Committee during the 118th Congress. The full text of the newly introduced U.S.-Taiwan tax legislation is available online.