US HR3708

Bill

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.

Introduced
09/07/2017

In Committee
09/07/2017

Crossed Over

Passed

Dead
12/31/2018

Introduced Session

115th Congress

Bill Summary

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. 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.

AI Summary

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 defined as a digital representation of value used as a medium of exchange, and not considered currency under IRC provisions related to foreign currency transactions. The bill also requires the IRS to issue regulations for information returns on virtual currency transactions where gain or loss is recognized, and the amendments will apply to transactions entered into after December 31, 2017.

Committee Categories

Budget and Finance

Sponsors (6)

David Schweikert (R)*, Ted Budd (R), Tom Emmer (R), Thomas MacArthur (R), Mark Meadows (R), Jared Polis (D),

Last Action

Referred to the House Committee on Ways and Means. (on 09/07/2017)

Official Document

https://www.congress.gov/bill/115th-congress/house-bill/3708/all-info

(2 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/115th-congress/house-bill/3708/all-info
BillText	https://www.congress.gov/115/bills/hr3708/BILLS-115hr3708ih.pdf
Bill	https://www.congress.gov/115/bills/hr3708/BILLS-115hr3708ih.pdf.pdf

Bill	Bill Name	Last Action	Type
HCRes97	Directing the Clerk of the House of Representatives to make corrections in the enrollment of H.B. 1.	Referred to the Committee on Ways and Means, and in addition to the Committee on House Administration, 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.	Related
HR7356	Token Taxonomy Act	Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, 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.	Related

Bill > HR3708

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (6)

Last Action

Official Document

bill text

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