Virtual Currency Tax Fairness Act

Summary

Virtual Currency Tax Fairness Act This bill excludes from gross income, for income tax purposes, a limited amount of gain from the sale or exchange of virtual currency, unless such sale or exchange is for cash or cash equivalents, property used in the active conduct of a trade or business, or property held for the production of income. The exclusion does not apply if the total value of the sale or exchange exceeds $50, or the total gain exceeds $50 (both amounts adjusted annually for inflation). The bill defines virtual currency as a digital representation of value that functions as a unit of account, a store of value, or a medium of exchange, and is not a representation of the U.S. dollar or any foreign currency.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 26 July 2022

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 26 July 2022

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 28 July 2022

   Committee

   Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 117-859.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 26 July 2022 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 26 July 2022

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 26 July 2022

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 26 July 2022

  Open at official source

Sponsors

• Sen. Toomey, Patrick [R-PA] · R · Sponsor
• Kyrsten Sinema · D · Cosponsor
• · ssbk00 · Standing
• · ssfi00 · Standing

Related records

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