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To amend the Internal Revenue Code of 1986 to exclude from gross income de minimis gains from certain sales or exchanges of virtual currency, and for other purposes.

USA115th CongressHR-3708| House 
| Updated: 9/7/2017
David Schweikert

David Schweikert

Republican Representative

Arizona

Cosponsors (5)
Thomas MacArthur (Republican)Mark Meadows (Republican)Jared Polis (Democratic)Tom Emmer (Republican)Ted Budd (Republican)

Ways and Means Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
This bill amends the Internal Revenue Code (IRC) to exclude from gross income up to $600 (adjusted for inflation after 2018) in gain from the sale or exchange of virtual currency for other than cash or cash equivalents. "Virtual currency" is a digital representation of value that is used as a medium of exchange and is not otherwise currency under provisions of the IRC related to foreign currency transactions.
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Timeline
Sep 7, 2017
Introduced in House
Sep 7, 2017
Referred to the House Committee on Ways and Means.
  • September 7, 2017
    Introduced in House
  • September 7, 2017
    Referred to the House Committee on Ways and Means.

Taxation

Related Bills

  • HCONRES 115-97: Directing the Clerk of the House of Representatives to make corrections in the enrollment of H.R. 1.
  • HR 115-7356: To amend the Securities Act of 1933 and the Securities Exchange Act of 1934 to exclude digital tokens from the definition of a security, to direct the Securities and Exchange Commission to enact certain regulatory changes regarding digital units secured through public key cryptography, to adjust taxation of virtual currencies held in individual retirement accounts, to create a tax exemption for exchanges of one virtual currency for another, to create a de minimis exemption from taxation for gains realized from the sale or exchange of virtual currency for other than cash, and for other purposes.
CurrencyDigital mediaIncome tax exclusionInternet and video servicesInternet, web applications, social media

To amend the Internal Revenue Code of 1986 to exclude from gross income de minimis gains from certain sales or exchanges of virtual currency, and for other purposes.

USA115th CongressHR-3708| House 
| Updated: 9/7/2017
This bill amends the Internal Revenue Code (IRC) to exclude from gross income up to $600 (adjusted for inflation after 2018) in gain from the sale or exchange of virtual currency for other than cash or cash equivalents. "Virtual currency" is a digital representation of value that is used as a medium of exchange and is not otherwise currency under provisions of the IRC related to foreign currency transactions.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Sep 7, 2017
Introduced in House
Sep 7, 2017
Referred to the House Committee on Ways and Means.
  • September 7, 2017
    Introduced in House
  • September 7, 2017
    Referred to the House Committee on Ways and Means.
David Schweikert

David Schweikert

Republican Representative

Arizona

Cosponsors (5)
Thomas MacArthur (Republican)Mark Meadows (Republican)Jared Polis (Democratic)Tom Emmer (Republican)Ted Budd (Republican)

Ways and Means Committee

Taxation

Related Bills

  • HCONRES 115-97: Directing the Clerk of the House of Representatives to make corrections in the enrollment of H.R. 1.
  • HR 115-7356: To amend the Securities Act of 1933 and the Securities Exchange Act of 1934 to exclude digital tokens from the definition of a security, to direct the Securities and Exchange Commission to enact certain regulatory changes regarding digital units secured through public key cryptography, to adjust taxation of virtual currencies held in individual retirement accounts, to create a tax exemption for exchanges of one virtual currency for another, to create a de minimis exemption from taxation for gains realized from the sale or exchange of virtual currency for other than cash, and for other purposes.
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
CurrencyDigital mediaIncome tax exclusionInternet and video servicesInternet, web applications, social media