Sec. 80603. Information reporting for brokers and digital assets
540 words·~2 min read·
/bill/117/hr/3684/eas/section-80603·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 6045(c)(1) of the Internal Revenue Code of 1986 is amended— by striking and at the end of subparagraph (B), in subparagraph (C)— by striking any other person who (for a consideration) and inserting any person who (for consideration) , and by striking the period at the end and inserting , and , and by inserting after subparagraph
(C)the following new subparagraph: any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person. . Section 6045(g)(3)(B) of the Internal Revenue Code of 1986 is amended by striking and at the end of clause (iii), by redesignating clause
(iv)as clause (v), and by inserting after clause
(iii)the following new clause: any digital asset, and . Section 6045(g)(3) of such Code is amended by adding at the end the following new subparagraph: Except as otherwise provided by the Secretary, the term digital asset means any digital representation of value which is recorded on a cryptographically secured distributed ledger or any similar technology as specified by the Secretary. . Section 6045(g)(3)(C) of such Code is amended— in clause (ii), by striking and at the end, by redesignating clause
(iii)as clause (iv), and by inserting after clause
(ii)the following: January 1, 2023, in the case of any specified security which is a digital asset, and . Section 6045A of such Code is amended— in subsection (a), by striking a security which is , and by adding at the end the following: Any broker, with respect to any transfer (which is not part of a sale or exchange executed by such broker) during a calendar year of a covered security which is a digital asset from an account maintained by such broker to an account which is not maintained by, or an address not associated with, a person that such broker knows or has reason to know is also a broker, shall make a return for such calendar year, in such form as determined by the Secretary, showing the information otherwise required to be furnished with respect to transfers subject to subsection (a). . Section 6724(d)(1)(B) of such Code is amended by striking or at the end of clause (xxv), by striking and at the end of clause (xxvi), and by inserting after clause
(xxvi)the following new clause: section 6045A(d) (relating to returns for certain digital assets), . Section 6050I(d) of such Code is amended by striking and at the end of paragraph (1), by striking the period at the end of paragraph
(2)and inserting , and , and by inserting after paragraph
(2)the following new paragraph: any digital asset (as defined in section 6045(g)(3)(D)). . The amendments made by this section shall apply to returns required to be filed, and statements required to be furnished, after December 31, 2023. Nothing in this section or the amendments made by this section shall be construed to create any inference, for any period prior to the effective date of such amendments, with respect to— whether any person is a broker under section 6045(c)(1) of the Internal Revenue Code of 1986, or whether any digital asset is property which is a specified security under section 6045(g)(3)(B) of such Code.