118 HR 8822 IH: To amend the Internal Revenue Code of 1986 to allow the payment of certain Federal taxes with bitcoin. U.S. House of Representatives 2024-06-25 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I118th CONGRESS2d SessionH. R. 8822IN THE HOUSE OF REPRESENTATIVESJune 25, 2024Mr. Gaetz (for himself, Mrs. Luna, and Mr. Donalds) introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo amend the Internal Revenue Code of 1986 to allow the payment of certain Federal taxes with bitcoin.

1.

Payment of certain taxes by bitcoin

(a)

In general

Subchapter B of chapter 64 of the Internal Revenue Code of 1986 is amended by inserting after section 6316 the following new section:

6316A.

Payment of certain taxes by bitcoin

(a)

In general

The Secretary shall develop and implement a method to allow for the payment with bitcoin of any tax imposed on an individual under this title.(b)

Regulations

The Secretary shall prescribe such regulations as the Secretary deems necessary to receive payment by bitcoin, including regulations that—(1)specify when payment by such means will be considered received,(2)require the immediate conversion of any bitcoin amount received to its dollar equivalent at the conclusion of any transaction, (3)identify types of nontax matters related to payment by such means that are to be resolved by persons ultimately liable for payment and financial intermediaries, without the involvement of the Secretary, and (4)ensure that tax matters will be resolved by the Secretary, without the involvement of financial intermediaries.(c)

Authority To enter into contracts

(1)

In general

The Secretary is authorized to enter into contracts to obtain services related to receiving payment by bitcoin.(2)

Fees

Rules similar to the rules of paragraph (2) of section 6311(d) shall apply, determined without regard to the first sentence of such paragraph. (d)

Ultimate liability; liability of banks; confidentiality

Rules similar to the rules of subsections (b), (c), and (e) of section 6311 shall apply.

.(b)

Clerical amendment

The table of sections for subchapter B of chapter 64 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 6316 the following new item:Sec. 6316A. Payment of certain taxes by bitcoin..(c)

Effective date

The amendment made by this section shall apply to payments made after the date which is one year after the date of the enactment of this Act.