Sponsored a bill on 2024-04-29
Bill Name
To amend the Internal Revenue Code of 1986 to clarify the tax treatment of digital asset rewards.
Details
This bill, H.R. 8149, proposes to amend the Internal Revenue Code of 1986 to clarify the tax treatment of digital asset rewards. Specifically, it dictates that income or gain from digital assets acquired through a blockchain consensus mechanism, such as mining or staking rewards, will not be recognized at the time of acquisition. Instead, the income or gain will only be recognized upon the sale or disposition of the digital asset. This change is intended to apply to taxable years beginning after December 31, 2023.