In a Congress where lawmakers are divided on an overwhelming set of issues, helping to alleviate double taxation for businesses operating in both the US and Taiwan is one with rare bipartisan unity.
House Ways and Means Committee members voted in unison to send a bill to the House floor aimed at providing treaty-like benefits to the island democracy. Leaders of both the House and Senate tax-writing committees gave the bill their bipartisan blessing and say they're pushing for speedy passage.
A way to provide tax benefits to Taipei without angering China is seen as integral to the US goal of boosting semiconductor manufacturing and research in the US.
"This is about expanding and accelerating inbound investment into the United States in critical areas, particularly the semiconductor space in the context of the Chips and Science Act and what the Trump and Biden administrations have been doing since 2017 on the semiconductor front," said Rupert Hammond-Chambers, president of the US Taiwan Business Council.
Hammond-Chambers talks with Bloomberg Tax's Chris Cioffi about where the two countries go from here.
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