3.0.0 3650 2022-11-01T13:50:44Z 2022-11-01T13:50:44Z House HR 2019-07-09 116 [Congressional Record Volume 165, Number 114 (Tuesday, July 9, 2019)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. EMMER:H.R. 3650.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 1 of the Constitution[Page H5304]]]> hswm00 Ways and Means Committee House Standing Referred to 2019-07-09T18:02:50Z 2019-07-09 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2019-07-09 Introduced in House IntroReferral Intro-H 9 Library of Congress 2019-07-09 Introduced in House IntroReferral 1000 9 Library of Congress E000294 Rep. Emmer, Tom [R-MN-6] Tom Emmer R MN 6 N Taxation Administrative law and regulatory procedures Computers and information technology Currency Internal Revenue Service (IRS) Tax administration and collection, taxpayers Taxation 00 2019-07-09 Introduced in House 2019-09-17T14:47:37Z Safe Harbor for Taxpayers with Forked Assets Act of 2019

This bill establishes a safe harbor period that prohibits certain penalties and additional taxes from applying to a taxpayer who receives a forked convertible virtual currency until the Internal Revenue Service issues regulations or guidance, or legislation is enacted, that addresses specified issues related to the tax treatment of forked convertible virtual currency.

A "forked convertible virtual currency" is any convertible virtual currency to which the taxpayer becomes entitled by reason of a hard fork. A "hard fork" is any material change in the shared digital ledger which is used to verify by consensus transactions in the currency if the change results in the maintenance of independent shared digital ledgers with respect to the currency.

The legislation, regulations, or guidance must prescribe

  • the tax treatment of receiving forked convertible virtual currency,
  • rules for calculating and allocating the basis of forked convertible virtual currency,
  • rules for calculating the fair market value of forked convertible virtual currency at any given time, and
  • rules for determining the holding period of forked convertible virtual currency.
]]> Safe Harbor for Taxpayers with Forked Assets Act of 2019 Display Title Safe Harbor for Taxpayers with Forked Assets Act of 2019 Official Title as Introduced To provide temporary safe harbor for the tax treatment of hard forks of convertible virtual currency in the absence of administrative guidance. Introduced in House IH Short Title(s) as Introduced Safe Harbor for Taxpayers with Forked Assets Act of 2019 Introduced in House IH Introduced in House 2019-07-09T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr3650ih/xml/BILLS-116hr3650ih.xml 2019-07-09 Referred to the House Committee on Ways and Means. 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.