McCaul, Meeks, Connolly Introduce Bipartisan Taiwan Tax Agreement ActPress Release
Washington, D.C. – Today, House Foreign Affairs Committee Chairman Michael McCaul (R-TX), Ranking Member Rep. Gregory W. Meeks (D-NY), and Rep. Gerry Connolly (D-VA) introduced the bipartisan Taiwan Tax Agreement Act of 2023, authorizing the Biden administration to negotiate and conclude a tax agreement with Taiwan. This potential agreement between the United States and Taiwan would facilitate investment, protect against tax evasion, and allow businesses in both the US and Taiwan to avoid double taxation. Companion legislation has been introduced in the Senate by Senators Menendez, Risch, Van Hollen, and Romney.
“I am proud to introduce this important, bipartisan legislation that will strengthen our economic relationship with Taiwan,” said Chairman McCaul. “In addition to the advantages we will receive from more investment from Taiwan, this is another important step in safeguarding Taiwan and maintaining peace and stability in the Indo-Pacific. As the Chinese Communist Party’s increasing aggression towards Taiwan continues, it is more important than ever we find ways to strengthen our economic ties.”
“I am pleased to support this bipartisan measure which will strengthen U.S.-Taiwan economic ties and benefit American workers and the middle class,” said Ranking Member Meeks. “In the face of the PRC’s intimidation and coercion, it is critical that the United States showcase our support for Taiwan and work to enhance our economic, people-to-people, and cultural cooperation.”
“As one of the world’s largest economies and a major regional player, Taiwan is a critical economic partner for the United States,” said Connolly. “We must do all we can to strengthen that partnership – including by implementing a tax agreement that further removes barriers between us and benefits businesses in both the U.S. and Taiwan. A clear reassertion of our support for an economically strong, prosperous Taiwan is paramount against the backdrop of an increasingly aggressive China. I look forward to working toward that goal with my colleagues on both sides of the aisle.”
In addition to Connolly, McCaul, and Meeks, the legislation is cosponsored by Representatives Ami Bera, Ruben Gallego, Greg Stanton, Andy Barr, John Curtis, Pat Fallon, Ann Wagner, Guy Reschenthaler, and Young Kim.
The full text of the legislation can be found here.