The House Ways and Means Committee approved the Digital Asset Tax Certainty Act by a 38–5 vote on September 16. The bill has not become law: it still needs to pass the House and Senate and be signed by the president.
Section 502 would require the Treasury secretary to set up a digital asset voluntary disclosure program within 12 months of the bill becoming law. Eligible taxpayers could correct past digital asset tax violations by filing amended returns and paying the tax owed, interest and a program penalty. They would generally have 24 months after the program starts to file; lower penalties would apply to those who certify under penalty of perjury that their violations were neither fraudulent nor willful, with the lowest rates available during the first 12 months.
