North Charlotte Today

Senators Thom Tillis and Chris Van Hollen are spearheading a bipartisan initiative involving 27 of their Senate colleagues to advocate for U.S.-Taiwan double taxation relief measures. The group sent a letter to Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell, emphasizing the necessity of passing these measures within the year.

"As you are aware, Taiwan is a significant economic partner to the United States and yet Taiwan is the only one of the United States’ top 10 trading partners without a formal double taxation agreement," the senators wrote. They highlighted that existing tax barriers create financial burdens for businesses in both countries, citing TSMC's investment in Arizona as an example of increasing foreign direct investment from Taiwan.

The letter notes that "the 118th Congress has made significant strides" with relevant committees collaborating on legislation aimed at providing relief from double taxation on cross-border investments between the U.S. and Taiwan. Earlier this year, related provisions were passed by the House as part of H.R. 7024, and similar legislation was unanimously approved by the Senate Committee on Finance.

The senators expressed optimism about enacting these measures before the end of the current Congress, stating: "By passing the U.S.-Taiwan double taxation relief measures this year, we can make significant headway in eliminating tax disincentives." They stressed that investors should not have to wait until future sessions for action.

In addition to Senators Tillis and Van Hollen, other signatories include Marsha Blackburn, Michael Bennet, Chuck Grassley, George Helmy, Cindy Hyde-Smith, Alex Padilla, Jerry Moran, Tim Kaine, Eric Schmitt, Mazie Hirono, Dan Sullivan, Mark Kelly, Ted Budd, Gary Peters, Bill Cassidy, Jeff Merkley, Pete Ricketts,Tammy Duckworth,Kyrsten Sinema ,Chris Coons,Amy Klobuchar,Raphael Warnock ,Patty Murray ,Jackie Rosen,Catherine Cortez-Masto ,Jeanne Shaheen,and Brian Schatz.