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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.
Read the Full Bill
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
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
4Democrat Cosponsors
2Republican Cosponsors
2Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 5635
Primary Policy Focus
TaxationPotential 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
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