[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3963 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 3963

 To amend the Internal Revenue Code of 1986 to allow exclusion of gain 
          or loss on like-kind exchanges of virtual currency.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 25, 2019

   Mr. Budd introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to allow exclusion of gain 
          or loss on like-kind exchanges of virtual currency.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may cited as the ``Virtual Value Tax Fix Act of 2019''.

SEC. 2. EXCLUSION FOR LIKE-KIND EXCHANGES OF VIRTUAL CURRENCY.

    (a) In General.--Section 1031 of the Internal Revenue Code of 1986 
is amended by adding at the end the following new subsection:
    ``(i) Special Rule for Virtual Currency.--
            ``(1) In general.--For purposes of this section, the 
        exchange of virtual currency for virtual currency of like kind 
        shall be treated in the same manner as the exchange of real 
        property for real property of like kind.
            ``(2) Termination.--Paragraph (1) shall not apply with 
        respect to any exchange completed after December 31, 2024.''.
    (b) Effective Date.--The amendments made by this section shall 
apply with respect to exchanges completed after the date of the 
enactment of this Act.
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