H.R.33 — To amend the Internal Revenue Code of 1986 to provide special rules for the taxation of certain residents of Taiwan with income from sources within the United States.
House Roll Call
H.R.33
| Bill | H.R.33 — To amend the Internal Revenue Code of 1986 to provide special rules for the taxation of certain residents of Taiwan with income from sources within the United States. |
|---|---|
| Vote question | On Passage |
| Vote type | Yea-and-Nay |
| Result | Passed |
| Totals | Yea 423 / Nay 1 / Present 0 / Not Voting 9 |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| R | 213 | 1 | 0 | 4 |
| D | 210 | 0 | 0 | 5 |
| I | 0 | 0 | 0 | 0 |
Research Brief
On Passage
Bill Analysis
Bill Summary: HR 33 (119th Congress)
Title: To amend the Internal Revenue Code of 1986 to provide special rules for the taxation of certain residents of Taiwan with income from sources within the United States.
Overview: HR 33 proposes amendments to the Internal Revenue Code (IRC) to establish specific tax provisions for residents of Taiwan earning income from U.S. sources. The bill aims to clarify the tax obligations for these individuals, potentially fostering stronger economic ties between the U.S. and Taiwan.
Key Provisions: The bill introduces special tax rules that would allow certain residents of Taiwan to benefit from reduced tax rates or exemptions on income derived from U.S. sources. This includes wages, dividends, and other forms of income, aligning Taiwan’s tax treatment more closely with that of other U.S. allies. The specific details of the tax rates and exemptions would be outlined in the amendments to the IRC.
Funding/Authorities: The bill does not allocate direct funding but modifies existing tax regulations under the IRC. It seeks to enhance the economic relationship between the U.S. and Taiwan by providing a more favorable tax environment for Taiwanese residents, which could lead to increased investment and economic activity.
Programs or Agencies Affected: The primary agency affected by this bill is the Internal Revenue Service (IRS), which would be responsible for implementing and enforcing the new tax rules. Additionally, the Department of the Treasury may play a role in the regulatory framework surrounding these changes.
Beneficiaries: The primary beneficiaries of HR 33 would be residents of Taiwan who earn income from U.S. sources. This bill could incentivize Taiwanese professionals and businesses to engage more actively in the U.S. economy, thereby enhancing bilateral economic relations.
Key Timelines: Following its introduction, HR 33 was received in the Senate, read twice, and referred to the Committee on Finance for further consideration. The timeline for potential enactment will depend on the committee’s review and subsequent legislative actions.
Yea (423)
K
Ken Calvert
G
Gerald Connolly
J
Jason Crow
L
Lloyd Doggett
S
Scott Franklin
J
John Garamendi
M
Mark Green
J
John Mannion
L
Lucy McBath
J
John Rutherford
D
David Schweikert
P
Pete Sessions
E
Eric Swalwell
R
Rashida Tlaib
S
Sylvester Turner
N
Nydia Velázquez
D
Debbie Wasserman Schultz
Nay (1)
Not Voting (9)
R
Raúl Grijalva
L
Lisa McClain
M
Michael Waltz