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Keep Innovation in America Act

USA117th CongressHR-6006| House 
| Updated: 11/17/2021
Patrick T. McHenry

Patrick T. McHenry

Republican Representative

North Carolina

Cosponsors (19)
David Schweikert (Republican)Tim Ryan (Democratic)Gregory F. Murphy (Republican)Darren Soto (Democratic)Warren Davidson (Republican)Kevin Brady (Republican)Jackie Walorski (Republican)William R. Timmons (Republican)Eric Swalwell (Democratic)Jake Auchincloss (Democratic)J. French Hill (Republican)Ro Khanna (Democratic)David P. Joyce (Republican)Byron Donalds (Republican)Anthony Gonzalez (Republican)Mike Bost (Republican)Tom Emmer (Republican)Ted Budd (Republican)Bryan Steil (Republican)

Ways and Means Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Keep Innovation in America Act This bill modifies provisions enacted by the Infrastructure Investment and Jobs Act relating to the definitions of broker and digital assets and their reporting requirements. The bill redefines broker , for tax reporting purposes, to mean any person who (for consideration) stands ready in the ordinary course of business to effect sales of digital assets at the direction of their customers. The bill redefines digital asset to mean any digital representation of value which is recorded on a cryptographically secured distribution ledger (this revised definition eliminates the discretion of the Department of the Treasury to include similar technology in the definition of digital asset). The bill eliminates the cash reporting requirement for digital assets (i.e., receipt of more than $10,000) but requires Treasury to conduct a study of, and report on, the effect of expanding the definition of cash to include any digital asset.
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Timeline
Nov 17, 2021
Introduced in House
Nov 17, 2021
Referred to the House Committee on Ways and Means.
  • November 17, 2021
    Introduced in House


  • November 17, 2021
    Referred to the House Committee on Ways and Means.

Taxation

Keep Innovation in America Act

USA117th CongressHR-6006| House 
| Updated: 11/17/2021
Keep Innovation in America Act This bill modifies provisions enacted by the Infrastructure Investment and Jobs Act relating to the definitions of broker and digital assets and their reporting requirements. The bill redefines broker , for tax reporting purposes, to mean any person who (for consideration) stands ready in the ordinary course of business to effect sales of digital assets at the direction of their customers. The bill redefines digital asset to mean any digital representation of value which is recorded on a cryptographically secured distribution ledger (this revised definition eliminates the discretion of the Department of the Treasury to include similar technology in the definition of digital asset). The bill eliminates the cash reporting requirement for digital assets (i.e., receipt of more than $10,000) but requires Treasury to conduct a study of, and report on, the effect of expanding the definition of cash to include any digital asset.
View Full Text

Suggested Questions

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

Timeline
Nov 17, 2021
Introduced in House
Nov 17, 2021
Referred to the House Committee on Ways and Means.
  • November 17, 2021
    Introduced in House


  • November 17, 2021
    Referred to the House Committee on Ways and Means.
Patrick T. McHenry

Patrick T. McHenry

Republican Representative

North Carolina

Cosponsors (19)
David Schweikert (Republican)Tim Ryan (Democratic)Gregory F. Murphy (Republican)Darren Soto (Democratic)Warren Davidson (Republican)Kevin Brady (Republican)Jackie Walorski (Republican)William R. Timmons (Republican)Eric Swalwell (Democratic)Jake Auchincloss (Democratic)J. French Hill (Republican)Ro Khanna (Democratic)David P. Joyce (Republican)Byron Donalds (Republican)Anthony Gonzalez (Republican)Mike Bost (Republican)Tom Emmer (Republican)Ted Budd (Republican)Bryan Steil (Republican)

Ways and Means Committee

Taxation

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted