Purpose and Summary

Chamber: House

Introduced date: 2025-01-21

Bill 119 hjres 25 is a piece of legislation that aims to disapprove of a rule submitted by the Internal Revenue Service (IRS) regarding the reporting of gross proceeds by brokers who facilitate digital asset sales. The rule in question requires brokers who regularly provide services for digital asset sales to report the gross proceeds from these transactions to the IRS. The bill falls under chapter 8 of title 5 of the United States Code, which allows Congress to review and potentially overturn regulations proposed by federal agencies. In this case, Congress is seeking to disapprove of the IRS rule on the grounds that it may impose unnecessary burdens on brokers and hinder the growth of the digital asset market. Supporters of the bill argue that the IRS rule is overly intrusive and could stifle innovation in the digital asset industry. They believe that brokers should not be required to report gross proceeds from these transactions, as it may discourage individuals from participating in the market. Opponents of the bill, however, argue that the reporting of gross proceeds is necessary for tax compliance and enforcement purposes. They believe that brokers should be held accountable for facilitating digital asset sales and should be required to report this information to the IRS. Overall, Bill 119 hjres 25 is a contentious piece of legislation that highlights the ongoing debate surrounding the regulation of digital assets and the role of federal agencies in overseeing this emerging market.

Recent Activity

Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 27.

Alternative Names

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales".

Associated Legislation

A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales".

Providing for consideration of the joint resolution (H.J. Res. 25) providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales"; providing for consideration of the bill (H.R. 1156) to amend the CARES Act to extend the statute of limitations for fraud under certain unemployment programs, and for other purposes; providing for consideration of the bill (H.R. 1968) making further continuing appropriations and other extensions for the fiscal year ending September 30, 2025, and for other purposes; and for other purposes.

A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales".

Providing for consideration of the joint resolution (H.J. Res. 25) providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales"; providing for consideration of the bill (H.R. 1156) to amend the CARES Act to extend the statute of limitations for fraud under certain unemployment programs, and for other purposes; providing for consideration of the bill (H.R. 1968) making further continuing appropriations and other extensions for the fiscal year ending September 30, 2025, and for other purposes; and for other purposes.

A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales".

Providing for consideration of the joint resolution (H.J. Res. 25) providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales"; providing for consideration of the bill (H.R. 1156) to amend the CARES Act to extend the statute of limitations for fraud under certain unemployment programs, and for other purposes; providing for consideration of the bill (H.R. 1968) making further continuing appropriations and other extensions for the fiscal year ending September 30, 2025, and for other purposes; and for other purposes.

Policy Areas

Taxation

Potential Impact

Administrative law and regulatory procedures

Currency

Digital media

Financial services and investments

Internal Revenue Service (IRS)

Tax administration and collection, taxpayers

Administrative law and regulatory procedures

Congressional oversight

Currency

Digital media

Financial services and investments

Internal Revenue Service (IRS)

Tax administration and collection, taxpayers

Sponsors and Supporters

Rep. Carey, Mike [R-OH-15]

Cosponsors and Supporters

Rep. Emmer, Tom [R-MN-6]

Rep. Davidson, Warren [R-OH-8]

Rep. Emmer, Tom [R-MN-6]

Rep. Davidson, Warren [R-OH-8]

Rep. Crank, Jeff [R-CO-5]

Rep. Tenney, Claudia [R-NY-24]

Rep. Emmer, Tom [R-MN-6]

Rep. Davidson, Warren [R-OH-8]

Rep. Crank, Jeff [R-CO-5]

Rep. Tenney, Claudia [R-NY-24]

Rep. Thanedar, Shri [D-MI-13]

Rep. Nunn, Zachary [R-IA-3]

Rep. Kustoff, David [R-TN-8]

Rep. Timmons, William R. [R-SC-4]

Rep. Emmer, Tom [R-MN-6]

Rep. Davidson, Warren [R-OH-8]

Rep. Crank, Jeff [R-CO-5]

Rep. Tenney, Claudia [R-NY-24]

Rep. Thanedar, Shri [D-MI-13]

Rep. Nunn, Zachary [R-IA-3]

Rep. Kustoff, David [R-TN-8]

Rep. Timmons, William R. [R-SC-4]

Rep. Downing, Troy [R-MT-2]

Committees and Subcommittees

Ways and Means Committee

Variations and Revisions

Roselyn Patrick