US House Crypto Tax Bill Faces Key Markup
- The Digital Asset Tax Certainty Act, H.R. 10357, is set for a Ways and Means markup on Sept. 16.
- Users with over 5,000 transfers in the prior year are excluded from the $10 fee exemption.
- The bill addresses de minimis transactions, wash sale rules, mining, and staking provisions.
- Estimated revenue impact from wash-sale rules is $2.074 billion over fiscal years through to 2036.
- H.R.9175 proposes deferring income on newly created tokens for miners and stakers, with a projected cost of $2.956 billion over a decade.
The proposed legislation seeks to clarify tax rules for digital assets by eliminating taxes on small transaction fees under $10 but excludes frequent traders with more than five thousand transfers annually from this benefit. The bill also aims to close the wash-sale loophole currently available to crypto traders while considering mining and staking income deferrals.
Despite its potential impacts, analysts suggest that the bill is unlikely to pass into law by the end of this year due to limited time on the House floor before November (Source).
