Bipartisan Bill to Eliminate Taxes for Small Bitcoin Transactions
The proposed legislation seeks to reduce friction in the usage of bitcoin as a daily currency.A bipartisan bill introduced Thursday would exempt bitcoin transactions from tax obligations if the associated capital gains are $200 or less, seeking to incentivize the digital currency’s usage as a medium of exchange in the U.S. economy. Currently, any gain obtained from the sale of cryptocurrency must be reported as a taxable income regardless of the size or purpose of the transaction.“Antiquated regulations around virtual currency do not take into account its potential for use in our daily....
Related News
A new bipartisan bill has been introduced in the Senate that would simplify the use of cryptocurrency for everyday purchases by creating tax exemption for personal crypto transactions under $50 as well as when the capital gains are less than $50.
New ‘Virtual Currency Tax Fairness Act’
A new bipartisan bill, known as the “Virtual Currency Tax Fairness Act,” was introduced in Congress Tuesday by Senators Pat Toomey (R-PA) and Kyrsten Sinema (D-AZ).
According to the announcement by the U.S. Senate Committee on Banking, Housing, and Urban....
After being seen in the House a few times, a bipartisan bill is introduced into the Senate with a drastically reduced exclusion for purchases made with cryptocurrency. The Virtual Currency Tax Fairness Act of 2022 was introduced into the United States Senate on Tuesday by the bipartisan team of Senators Patrick Toomey and Kyrsten Sinema. The bill is a companion to the one already before the House of Representatives, although it differs in one key detail.Both the House and Senate bills exclude small purchases made with cryptocurrency from the capital gains tax. Currently, any purchase made....
The crypto industry could be going through one of the most critical points of its history. In the United States, the $1 trillion bipartisan Infrastructure draft bill has been sent to the Senate to be approved. The bill seeks to impose more taxes on transactions related to cryptocurrencies. As Jake Chervinsky, General Counselor at Compound […]
Last year, a New Hampshire State Representative called Eric Schleien introduced a bill that proposed the introduction of a new method of paying taxes in New Hampshire – bitcoin. If passed, the bill would force the state treasurer in NH to, and to quote directly, “develop an implementation plan for the state to accept bitcoin as payment for taxes and fees”. Further, the system (if the bill passed) would need to be in place by 2017 tax collection season. At the time of its introduction bill HR552, as it’s more affectionately known, had bipartisan support from two democratic sponsors and five....
Pay your taxes in bitcoin? Maybe, if you live in one of three states now considering bills in support of that option. In January, Utah Republican state representative Mark K. Roberts introduced a bill, H. C. R. 6, to create a Council on Payment Options for State Services that will study how Utah could accept Bitcoin as a valid form of payment. The bill includes the possibility for Utah residents to pay state taxes using Bitcoin. In February, eight New Hampshire state representatives introduced a bipartisan bill, NH HB552, to propose that New Hampshire should officially accept Bitcoin for....