Kelly-backed "Digital Asset Tax Certainty Act" passes Ways & Means Committee, advances to full U.S. House vote
WASHINGTON, D.C. -- Today, the Ways & Means Committee passed the bipartisan H.R. 10357, the Digital Asset Tax Certainty Act, legislation co-led by U.S. Rep. Mike Kelly (R-PA), Chairman of the Ways & Means Tax Subcommittee, which provides a comprehensive framework for the tax treatment of digital assets, such as cryptocurrencies and stablecoins.
The legislation, which passed 38-5, modernizes the federal tax code for digital assets by simplifying rules for ordinary crypto users while establishing clearer tax reporting and compliance requirements for investors, businesses, and digital-asset brokers, among others.
The Digital Asset Tax Certainty Act also includes Kelly's legislation, the Charitable Deductions for Digital Asset Donations Act, legislation that would allow for widely traded digital assets to be eligible for charitable contributions.
"Digital assets are an increasingly important part of our economy, and the Digital Asset Tax Certainty Act allows our tax code to keep pace with innovation," said Rep. Kelly. "This legislation provides a clear roadmap for Americans who use digital assets, and it establishes rules of the road for taxation and enforcement without granting special treatment."
You can WATCH and DOWNLOAD Rep. Kelly's remarks during Wednesday's markup here.
The legislation:
- Creates a tax exemption for network + transaction fees of $10 or less.
- Simplifies tax accounting for certain digital assets
- Provides simplified accounting for gain and loss on widely traded digital assets
- Makes it easier for individuals to donate their digital assets to charity
- Provides a treatment of U.S. Dollar Stablecoin transactions while also clarifying taxation of mining and staking
- Strengthens digital-asset tax reporting and compliance.
The legislation, introduced by Ways & Means Committee Chairman Jason Smith (R-MO), now advances to the full U.S. House of Representatives for consideration.
In addition to Rep. Kelly, co-sponsors of the Digital Asset Tax Certainty Act include Reps. Jodey Arrington (R-TX), Aaron Bean (R-FL), Mike Carey (R-OH), Steven Horsford (D-NV), David Kustoff (R-TN), Max Miller (R-OH), and Rudy Yakym (R-IN).