Bill > HR6180

This bill seeks to allow federal taxes to be paid using Bitcoin, a decentralized digital cryptocurrency, and establish a Strategic Bitcoin Reserve. The legislation would enable taxpayers to pay their federal taxes directly with Bitcoin by transferring the cryptocurrency to a designated government address, with the value of the payment determined by the fair market value at the time of transfer. The bill includes provisions that prevent taxpayers from recognizing capital gains or losses when transferring Bitcoin to satisfy tax liabilities. The Treasury Secretary would be authorized to work with regulated financial institutions to receive, custody, and convert Bitcoin payments, and would be required to create rules for documentation, valuation, and reporting. Additionally, the bill mandates the creation of a Strategic Bitcoin Reserve, where all Bitcoin received as tax payments would be deposited and held long-term, with strict limitations on selling (no more than 5% per year and only after a 20-year holding period). The bill's findings emphasize Bitcoin's potential benefits, including its fixed supply, potential as a store of value, ability to promote financial inclusion, and potential to diversify national financial assets. The legislation aims to position the United States competitively in the global digital economy by embracing cryptocurrency as a legitimate form of tax payment and national asset.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/6180/all-info