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HR 1414 118th Congress House Taxation

Keep Innovation in America Act

Introduced: March 7, 2023 See on congress.gov
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 7, 2023
Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Mar 7, 2023
Introduced in House
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 Plain-English summary Congressional Research Service

Keep Innovation in America Act

This bill modifies provisions enacted by the Infrastructure Investment and Jobs Act relating to the definitions of broker and digital assets and their reporting requirements.

The bill redefines broker, for tax reporting purposes, to mean any person who (for consideration) stands ready in the ordinary course of business to effect sales of digital assets at the direction of their customers.

The bill redefines digital asset to mean any digital representation of value which is recorded on a cryptographically secured distribution ledger (this revised definition eliminates the discretion of the Department of the Treasury to include similar technology in the definition of digital asset).

The bill eliminates the cash reporting requirement for digital assets (i.e., receipt of more than $10,000) but requires Treasury, in consultation with the Financial Crimes Enforcement Network and other representatives of the digital asset industry, to conduct a study of, and report on, the effect of expanding the definition of cash to include any digital asset.

What's happening now March 7, 2023

Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 10
All 10 Democratic 3 Republican 6
R
Houchin, Erin
Indiana · Jul 17, 2023
Nickel, Wiley
· Apr 25, 2023
 R
Donalds, Byron
Florida · Mar 10, 2023
 R
Davidson, Warren
Ohio · Mar 7, 2023
 R
Emmer, Tom
Minnesota · Mar 7, 2023
 R
Hill, J. French
Arkansas · Mar 7, 2023
 D
Khanna, Ro
California · Mar 7, 2023
 R
Schweikert, David
Arizona · Mar 7, 2023
 D
Soto, Darren
Florida · Mar 7, 2023
 D
Torres, Ritchie
New York · Mar 7, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1414: Keep Innovation in America Act. 118th Congress. Open America. https://openamerica.io/bill/118-HR-1414/
MLA
"H.R. 1414: Keep Innovation in America Act." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-1414/.
Bluebook (legal)
H.R. 1414, 118th Cong. (2026), https://openamerica.io/bill/118-HR-1414/.
Markdown link
[H.R. 1414: Keep Innovation in America Act](https://openamerica.io/bill/118-HR-1414/)
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