118th Congress Taxation
H.R. 1414: Keep Innovation in America Act
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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).
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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.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Warren Davidson R-OHOriginal
- Tom Emmer R-MNOriginal
- J. Hill R-AROriginal
- Ro Khanna D-CAOriginal
- David Schweikert R-AZOriginal
- Eric Swalwell D-CAOriginal
- Darren Soto D-FLOriginal
- Ritchie Torres D-NYOriginal
- Byron Donalds R-FL
- Wiley Nickel D-NC
- Erin Houchin R-IN
Who scored on this bill
- 1Patrick McHenry SponsorDrew cross-party cosponsors, introduced2 events+6
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Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Patrick McHenry
- H.R. 1165: Data Privacy Act of 2023
- H.R. 7440: Financial Services Innovation Act of 2024
- H.R. 807: Working Dog Commemorative Coin Act
- H.R. 4766: Clarity for Payment Stablecoins Act of 2023
- H.R. 2799: Expanding Access to Capital Act of 2023
- H.R. 2608: To amend the Federal securities laws to specify the periods for which financial statements are required to be provided by an emerging growth company, and for other purposes.
History
- Introduced in the House by Patrick McHenry.
Show the full action history (2 actions)
- Introduced in House
- 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.