Washington, D.C. — U.S. Senator Michael Bennet (D-Colo.), a member of the U.S. Senate Committee on Finance, joined Senate Finance Committee Chairman Mike Crapo (R-Idaho), Ranking Member Ron Wyden (D-Ore.), and U.S. Senators Jim Risch (R-Idaho) and Jeanne Shaheen (D-N.H.), the Chairman and Ranking Member of the Senate Committee on Foreign Relations, to introduce legislation to provide expedited double-tax relief on U.S.-Taiwan cross-border investment and authorize the President to negotiate a tax agreement with Taiwan to provide broader bilateral tax relief. U.S. Representative Jason Smith (R-Mo.) introduced companion legislation in the U.S. House of Representatives, which passed the House on January 15, 2025.
“This bipartisan legislation will reduce unnecessary tax burdens for companies doing business in the United States and Taiwan,” said Bennet. “Doing so will bolster economic ties with our close partner and spur American prosperity by driving cross-border investment, particularly in critical and emerging technologies like semiconductor manufacturing.”
“Taiwan’s unique status requires a unique tax solution,” said Crapo and Wyden. “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. The Finance Committee has expressed unanimous support for this effort in the past, and today’s introduction in the Senate demonstrates a bipartisan commitment to bolster our relationship with a key economic and strategic partner. We will continue our efforts to get this important measure enacted into law as soon as possible.”
“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 Risch and Shaheen. “This legislation will reduce unnecessary double taxation on our companies, spur American economic prosperity and innovation in technologies of the future and deepen our economic relationship with Taiwan. We are grateful to our colleagues for supporting this commonsense legislation.”
In addition to Bennet, Crapo, Wyden, Risch, and Shaheen, U.S. Senators Marsha Blackburn (R-Tenn.), Christopher Coons (D-Del.), Ted Cruz (R-Texas), Steve Daines (R-Mont.), Chuck Grassley (R-Iowa), Jeff Merkley (D-Ore.), Pete Ricketts (R-Neb.), Thomas Tillis (R-N.C.), Chris Van Hollen (D-Md.), Mark Warner (D-Va.), Alex Padilla (D-Calif.), Mark Kelly (D-Ariz.), Jacky Rosen (D-Nev.), Ted Budd (R-N.C.), Mazie Hirono (D-Hawaii), James Lankford (R-Okla.), Gary Peters (D-Mich.), Raphael Warnock (D-Ga.), John Curtis (R-Utah), Cindy Hyde-Smith (R-Miss.), and Tim Sheehy (R-Mont.) cosponsored this bill.
The text of the bill is available HERE.