Introduced in House Passed House Introduced in Senate Passed Senate To President Became Law
01/16/2020          

Virtual Currency Tax Fairness Act of 2020

Date Version PDF TXT
01/19/2020 Introduced in House Open
01/16/2020 Introduced in House Open

            


116th CONGRESS
2d Session
H. R. 5635


To amend the Internal Revenue Code of 1986 to exclude from gross income gain from disposition of virtual currency in a personal transaction.


IN THE HOUSE OF REPRESENTATIVES

January 16, 2020

Ms. DelBene (for herself, Mr. Schweikert, Mr. Soto, and Mr. Emmer) introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to exclude from gross income gain from disposition of virtual currency in a personal transaction.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Virtual Currency Tax Fairness Act of 2020”.

SEC. 2. Virtual currency.

(a) In general.—Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 139F the following new section:

“SEC. 139G. Gain from disposition of virtual currency.

“(a) In general.—Gross income of an individual shall not include gain, by reason of changes in exchange rates, from the disposition of virtual currency in a personal transaction (as such term is defined in section 988(e)). The preceding sentence shall not apply if the gain which would otherwise be recognized on the transaction exceeds $200.

“(b) Virtual currency.—For purposes of this section, the term ‘virtual currency’ means a digital representation of value that is used as a medium of exchange and is not otherwise currency under section 988.”.

(b) Clerical amendment.—The table of sections for part III of subchapter B of chapter 1 of such Code is amended by inserting after the item relating to section 139F the following new item:


“Sec. 139G. Gain from disposition of virtual currency.”.

(c) Reporting of gains or losses.—The Secretary shall issue regulations providing for information returns on virtual currency transactions for which gain or loss is recognized.

(d) Effective date.—The amendments made by this section shall apply with respect to transactions entered into after December 31, 2019.


Picture Name From Date Type
Suzan DelBene D-WA 01/16/2020 Sponsor
Darren Soto D-FL 01/16/2020 Cosponsor
David Schweikert R-AZ 01/16/2020 Cosponsor
Tom Emmer R-MN 01/16/2020 Cosponsor
Date Branch Action
01/16/2020 President Referred to the House Committee on Ways and Means.Action By: House of Representatives
01/16/2020 President Introduced in HouseAction By: House of Representatives
Summary
Congress - Bill Number Major Title
Branch Vote Date Yes No Not Voting
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Bill TEXT Points.
This Bill has been listed with the following Subjects from Texts:
Currency
116 HR 5635 IH: Virtual Currency Tax Fairness Act of 2020 U


End Bill TEXT Points.
Date Bill Major Title
Committee Name
Subject Type