Legis Daily

Keep Innovation in America Act

USA118th CongressHR-1414| House 
| Updated: 3/7/2023
Patrick T. McHenry

Patrick T. McHenry

Republican Representative

North Carolina

Cosponsors (11)
David Schweikert (Republican)Wiley Nickel (Democratic)Ritchie Torres (Democratic)Darren Soto (Democratic)Warren Davidson (Republican)Eric Swalwell (Democratic)J. French Hill (Republican)Ro Khanna (Democratic)Byron Donalds (Republican)Tom Emmer (Republican)Erin Houchin (Republican)

Ways and Means Committee, Financial Services 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, in consultation with the Financial Crimes Enforcement Network and other representatives of the digital asset industry, 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

Bill from Previous Congress

HR 117-6006
Keep Innovation in America Act
Mar 7, 2023
Introduced in House
Mar 7, 2023
Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
  • Bill from Previous Congress

    HR 117-6006
    Keep Innovation in America Act


  • March 7, 2023
    Introduced in House


  • March 7, 2023
    Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Taxation

Keep Innovation in America Act

USA118th CongressHR-1414| House 
| Updated: 3/7/2023
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, in consultation with the Financial Crimes Enforcement Network and other representatives of the digital asset industry, 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

Bill from Previous Congress

HR 117-6006
Keep Innovation in America Act
Mar 7, 2023
Introduced in House
Mar 7, 2023
Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
  • Bill from Previous Congress

    HR 117-6006
    Keep Innovation in America Act


  • March 7, 2023
    Introduced in House


  • March 7, 2023
    Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Patrick T. McHenry

Patrick T. McHenry

Republican Representative

North Carolina

Cosponsors (11)
David Schweikert (Republican)Wiley Nickel (Democratic)Ritchie Torres (Democratic)Darren Soto (Democratic)Warren Davidson (Republican)Eric Swalwell (Democratic)J. French Hill (Republican)Ro Khanna (Democratic)Byron Donalds (Republican)Tom Emmer (Republican)Erin Houchin (Republican)

Ways and Means Committee, Financial Services Committee

Taxation

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