S. 4608 · 117th Congress
Virtual Currency Tax Fairness Act
- Stage
- In committee
- Sponsor
- Pat Toomey
- Introduced
- 2022-07-26
- Latest action
- 2022-07-28 · Committee on Banking, Housing, and Urban Affairs. Hearings held.
Summary
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.