HR 3708
115th Congress
House
Taxation
Currency
Digital media
Income tax exclusion
Internet and video services
Internet, web applications, social media
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.
Introduced: September 7, 2017
Introduced by:
Schweikert, David
Republican
· Arizona
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 7, 2017
Referred to the House Committee on Ways and Means.
Sep 7, 2017
Introduced in House
Plain-English summary
This bill amends the Internal Revenue Code (IRC) to exclude from gross income up to $600 (adjusted for inflation after 2018) in gain from the sale or exchange of virtual currency for other than cash or cash equivalents. "Virtual currency" is a digital representation of value that is used as a medium of exchange and is not otherwise currency under provisions of the IRC related to foreign currency transactions.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1