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Bipartisan Bill H.R. 8149 Clarifies Tax on Digital Assets at Point of Sale

Apr 30, 2024, 04:37 PM

Representatives Drew Ferguson and Wiley Nickel introduced the bipartisan Providing Tax Clarity for Digital Assets Act, identified as H.R. 8149, aimed at clarifying the tax treatment of digital assets. The legislation proposes that digital asset rewards, including consensus layer mining and staking rewards as well as gas fees, be taxed at the point of sale rather than at the point of acquisition. It also seeks to codify staking rewards as 'created property.' This legislative effort is seen as a step to spur innovation, strengthen investor confidence, and prevent businesses from relocating overseas.