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S. Rept. 118-107 1 (2023-10-19)

handle is hein.congrecreports/crptxaftm0001 and id is 1 raw text is: AUTHENTICATED U.GOVERNMENT INFORMATION . Calendar No. 230 118TH CONGRESS REPORT 1st Session SENATE 118-107 UNITED STATES-TAIWAN EXPEDITED DOUBLE-TAX RELIEF ACT OCTOBER 19, 2023.-Ordered to be printed Mr. WYDEN, from the Committee on Finance, submitted the following R E P O R T [To accompany S. 3084] The Committee on Finance, having considered an original bill (S. 3084), to amend the Internal Revenue Code of 1986 to provide spe- cial rules for the taxation of certain residents of Taiwan with in- come from sources within the United States, reports favorably thereon without amendment and recommends that the bill do pass. CONTENTS Page I. LEGISLATIVE BACKGROUND .................................................................... . 1 II. EXPLANATION OF THE BILL ...................................................................... 3 III. BUDGET EFFECTS OF THE BILL ............................................................... 22 A. Committee Estimates ........................................................................... 22 B. Budget Authority and Tax Expenditures ........................................... 22 C. Consultation with Congressional Budget Office ................................ 22 IV. VOTES OF THE COM M ITTEE ...................................................................... 22 V. REGULATORY IMPACT AND OTHER MATTERS ..................................... 23 A. Regulatory Impact ................................................................................ 23 B. Unfunded Mandates Statement .......................................................... 23 C. Tax Complexity Analysis ..................................................................... 23 VI. CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED 24 I. LEGISLATIVE BACKGROUND The Committee on Finance, having considered the United States- Taiwan Expedited Double-Tax Relief Act, a bill to amend the Inter- nal Revenue Code of 1986 to relieve double taxation on income from U.S. sources earned or received by qualified residents of Tai- wan, and for other purposes, reports favorably thereon and rec- ommends that the bill do pass. 49-010 *(Star Print)