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Code · BILL · 117th Congress · H.R. 4741 (Introduced in House) — To provide for the regulation of digital assets, and for other purposes. · Sec. 501

Sec. 501. IRS report on digital asset ownership/taxes

319 words·~1 min read·/bill/117/hr/4741/ih/section-501·

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Not later than 270 days after the date of the enactment of this Act, the Secretary of the Treasury, acting through the Internal Revenue Service, after consulting with other Federal and State regulators and market participants as appropriate, shall submit a report to the specified committees on the utilization of digital assets by United States citizens that— estimates the number and percentage of United States citizens who own digital assets as of the date of the enactment of this Act and who have paid tax on digital assets each year between 2016 and 2020; compares the number and percentage of Americans who own stocks and bonds and who have paid taxes on such assets over the same time period referenced above; estimates the number and percentage of Americans who fail to report digital asset holdings and income versus stock and bond holdings; identifies the major digital asset trading platforms in the United States, the number of customer accounts with each platform, and the annual trading volume of each platform; estimates the number of United States citizens who use United States registered digital asset trading platforms compared to foreign digital asset trading platforms; estimates the amount of tax revenue which was not received by the United States Treasury due to under reporting by United States taxpayers each year between 2016 and 2020; and makes legislative and regulatory recommendations regarding changes which would improve reporting and collection of taxes on digital assets so it would be closer to reporting and collection of taxes on securities holdings.
In this section, the term specified committees means— the Ways and Means Committee of the House of Representatives; the Finance Committee of the Senate; the Committee on Financial Services of the House of Representatives; the Committee on Banking, Housing, and Urban Affairs of the Senate; the Committee on Agriculture of the House of Representatives; and the Committee on Agriculture, Nutrition, and Forestry of the Senate.
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