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![handle is hein.congrecreports/crptxafve0001 and id is 1 raw text is: AUTHENTICATED
U.GOVERNMENT
INFORMATION .
118TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 118-309
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
DECEMBER 12, 2023.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. SMITH of Missouri, from the Committee on Ways and Means,
submitted the following
R E P O R T
[To accompany H.R. 5988]
The Committee on Ways and Means, to whom was referred the
bill (H.R. 5988) 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, having consid-
ered the same, reports favorably thereon with an amendment and
recommends that the bill as amended do pass.
CONTENTS
Page
I. SUMMARY AND BACKGROUND .............................................................. 11
A. Purpose and Summary ..................................................................... 11
B. Background and Need for Legislation ............................................. 11
C. Legislative History ............................................................................ 12
D. Designated Hearing .......................................................................... 13
II. EXPLANATION OF THE BILL .................................................................. 13
A. United States-Taiwan Expedited Double-Tax Relief Act (Title
I of the Bill) ..................................................................................... 13
B. United States-Taiwan Tax Agreement Authorization Act (Title
II of the Bill) ................................................................................... 33
III. VOTE OF THE COMMITTEE ...................................................................... 36
IV. BUDGET EFFECTS OF THE BILL ............................................................ 37
A. Committee Estimate of Budgetary Effects ...................................... 37
B. Statement Regarding New Budget Authority and Tax Expendi-
tures Budget Authority .................................................................. 37
V. OTHER MATTERS TO BE DISCUSSED UNDER THE RULES OF
THE HOUSE .............................................................................................. 37
A. Committee Oversight Findings and Recommendations ................. 37
B. Statement of General Performance Goals and Objectives ............. 37
C. Information Relating to Unfunded Mandates ................................ 37
D. Congressional Earmarks, Limited Tax Benefits, and Limited
Tariff Benefits ................................................................................ 37
E. Tax Complexity Analysis .................................................................. 38
F. Duplication of Federal Programs ..................................................... 38
VI. CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED 38
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