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cryptocurrency December 20, 2017

December 20, 2017 7:26 PM

A Colorado legislator has introduced a measure to the House of Representatives that would define as gross income gains worth over $600 from the sale or trading of cryptocurrency.

On December 18, as news outlets were buzzing with discussion of the Tax Cuts and Jobs Act, Jared Polis (D- CO) introduced legislation to the House of Representatives that would include certain gains, accrued through the sale and trading of cryptocurrencies, in the category of “gross income.”

The concurrent resolution, known as H. CON. RES. 97, would “make corrections in the enrollment of” the tax bill, by stating that, “Gross income shall not include gain from the sale or exchange of virtual currency for other than cash or cash equivalents,” for an “amount of gain” under $600. The legislation includes a subsection that would require adjusting this figure to account for inflation.

The measure also proposes that “The Secretary,” presumably of the Treasury, “shall issue regulations providing for information returns on virtual currency transactions for which gain or loss is recognized.”

Shortly after being introduced, the resolution was referred to both the Committee on Ways and Means and the Committee on House Administration.

Polis, a co-chair of the Congressional Blockchain Caucus, has previously introduced legislation relating to digital assets in the form of the Cryptocurrency Tax Fairness Act, which would exempt from taxation any purchase worth up to $600 that was transacted via virtual currency.

H. CON. RES. 97 also includes sections relating to the “expansion of limitation on deductions for expenditures for lobbying congress,” the “tax-free production of kombucha,” and the “allowance of deductions and credits relating to expenditures in connection with marijuana sales conducted in compliance with state law.”

Adam Reese is a Los Angeles-based writer interested in technology, domestic and international politics, social issues, infrastructure and the arts. Adam is a full-time staff writer for ETHNews and holds value in Ether and BTC.

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Source: ETHNews