U.S. Senate Finance Committee Chairman Mike Crapo of Idaho and U.S. Senate Foreign Relations Committee Chairman Jim Risch of Idaho, along with their respective committee counterparts have introduced legislation to provide expedited double-tax relief on U.S.-Taiwan cross-border investment and to authorize the President to negotiate a tax agreement with Taiwan to provide broader bilateral tax relief. The legislation is a companion bill to H.R. 33, which overwhelmingly passed the U.S. House of Representatives by a vote of 423-1 on January 15.
Idaho Senator Jim Risch
The bill incorporates provisions of the U.S.-Taiwan Expedited Double-Tax Relief Act and the U.S.-Taiwan Tax Agreement Authorization Act, legislation the Finance Committee and Foreign Relations Committee each passed in the 118th Congress, respectively.
In 2024, Idaho celebrated a 40-year partnership with Taiwan, which is Idaho’s second largest trading market. In 2023 alone, Idaho shipped $504 million worth of goods to Taiwan. Primary exports include electrical equipment and machinery, medical equipment, food and agriculture. Strengthening our economic partnership with Taiwan will encourage the export of Idaho’s products.
