H.R. 4602 · 113th Congress
Virtual Currency Tax Reform Act
- Stage
- In committee
- Sponsor
- Steve Stockman
- Introduced
- 2014-05-07
- Latest action
- 2014-05-07 · Introduced in House
Summary
Virtual Currency Tax Reform Act - Directs the Internal Revenue Service (IRS) to treat virtual currencies as a foreign currency for federal tax purposes. Defines "virtual currency" as a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value.
Imposes a five-year moratorium on any capital gains tax on virtual currencies.