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Virtual Currency Tax Fairness Act of 2020

2/8/2022, 11:17 PM

Congressional Summary of HR 5635

Virtual Currency Tax Fairness Act of 2020

This bill excludes from gross income, for income tax purposes, up to $200 of gain from the disposition of virtual currency in a personal transaction. The bill defines virtual currency as a digital representation of value that is used as a medium of exchange and is not otherwise currency.

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Current Status of Bill HR 5635

Bill HR 5635 is currently in the status of Bill Introduced since January 16, 2020. Bill HR 5635 was introduced during Congress 116 and was introduced to the House on January 16, 2020.  Bill HR 5635's most recent activity was Referred to the House Committee on Ways and Means. as of January 16, 2020

Bipartisan Support of Bill HR 5635

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
4
Democrat Cosponsors
2
Republican Cosponsors
2
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 5635

Primary Policy Focus

Taxation

Potential Impact Areas

- Currency
- Digital media
- Income tax exclusion
- Internet and video services
- Internet, web applications, social media

Alternate Title(s) of Bill HR 5635

Virtual Currency Tax Fairness Act of 2020
To amend the Internal Revenue Code of 1986 to exclude from gross income gain from disposition of virtual currency in a personal transaction.
Virtual Currency Tax Fairness Act of 2020

Comments

Sponsors and Cosponsors of HR 5635

Suzan K. DelBene
Suzan K. DelBene
WashingtonDemocrat
Darren Soto
Darren Soto
FloridaDemocrat
David Schweikert
David Schweikert
ArizonaRepublican
Bill Foster
Bill Foster
IllinoisDemocrat
Tom Emmer
Tom Emmer
MinnesotaRepublican

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