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U.S. House committee advances bill that includes tax relief for Taiwan

ROC Central News Agency

01/20/2024 01:16 PM

Washington, Jan. 19 (CNA) A bill that proposes, among other initiatives, to provide tax incentives in the United States for Taiwan businesses and workers, received strong bipartisan support in the committee stage in Congress on Friday.

The U.S. House Committee on Ways and Means voted 40-3 to send the Tax Relief for American Families and Workers Act of 2024 to the House for a full floor vote on the proposals.

The proposals include a plan to "strengthen America's competitive position with China by removing the current double taxation that exists for businesses and workers with a footprint in both the United States and Taiwan," the committee said in a statement after the vote.

Providing double tax relief for such businesses and individuals will help to expand innovation and competitiveness and promote economic growth, according to the committee.

Jason Smith, chairman of the House committee, said in the statement that the Act is expected to help U.S. job creators stay competitive, allow Main Street businesses to survive and grow, and give tax relief to working families struggling under the weight of rising prices and interest rates.

"The Tax Relief for American Families and Workers Act will help America compete and win against countries like China, encourage small businesses to grow and invest in American jobs and opportunity, and save taxpayer dollars by ending a COVID-era policy that has become the poster child for fraud," Smith said.

"This tax relief package builds on the success of the 2017 Tax Cuts and Jobs Act, which produced a proven track record of delivering for families, reducing poverty and unemployment, and attracting more economic investment in communities across America" Smith added.

Taiwan's Ministry of Finance has long been seeking a double taxation relief agreement with the U.S. to protect their mutual interests amid an acceleration of their economic exchanges and business activities.

In a meeting in Taipei with two former U.S. officials on Jan. 15, President Tsai Ing-wen (蔡英文) expressed the hope that the two sides would soon address the double taxation issue.

Taiwan-U.S. relations continue to serve as a driving force for regional and global prosperity and development, Tsai told former U.S. national security adviser Stephen Hadley and former U.S. Deputy Secretary of State James Steinberg, who met with the president two days after the ruling Democratic Progressive Party won the presidential election in Taiwan.

Meanwhile, in Washington on Friday, White House Press Secretary Karine Jean-Pierre said the progress of the Tax Relief for American Families and Workers Act was encouraging and welcome.

She said the bill was expected to gain passage in the U.S. House and Senate, after which it would have to be sent to U.S. President Joe Biden to be signed into law.

(By Chiang Chin-yeh and Frances Huang)

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