Virtual Currency Tax Fairness Act

Senate Bill 4608 - Virtual Currency Tax Fairness Act: Overview, Status, and Impact

Hozzl · 2022-12-29T18:48:39Z

Explore the details of Senate Bill 4608 Virtual Currency Tax Fairness Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/29/2022, 6:48 PM

Congressional Summary of S 4608

Virtual Currency Tax Fairness Act

This bill excludes from gross income, for income tax purposes, a limited amount of gain from the sale or exchange of virtual currency, unless such sale or exchange is for cash or cash equivalents, property used in the active conduct of a trade or business, or property held for the production of income. The exclusion does not apply if the total value of the sale or exchange exceeds $50, or the total gain exceeds $50 (both amounts adjusted annually for inflation).

The bill defines virtual currency as a digital representation of value that functions as a unit of account, a store of value, or a medium of exchange, and is not a representation of the U.S. dollar or any foreign currency.

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Current Status of Bill S 4608

Bill S 4608 is currently in the status of Bill Introduced since July 26, 2022. Bill S 4608 was introduced during Congress 117 and was introduced to the Senate on July 26, 2022. Bill S 4608's most recent activity was Committee on Banking, Housing, and Urban Affairs. Hearings held. as of July 28, 2022

Bipartisan Support of Bill S 4608

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 4608

Primary Policy Focus

Taxation

Potential Impact Areas

- Computers and information technology

- Currency

- Digital media

- Income tax exclusion

Alternate Title(s) of Bill S 4608

Virtual Currency Tax Fairness Act

A bill to amend the Internal Revenue Code of 1986 to exclude from gross income de minimis gains from certain sales or exchanges of virtual currency, and for other purposes.