Cryptocurrency Tax Fairness Amendment Not Adopted By House Tax Reform Bill

On the evening of November 15, 2017, Representative Jared Polis (D-Colorado) offered the Cryptocurrency Tax Fairness Act as an amendment to the House tax reform bill. Co-sponsored by Representative David Schweikert (R-Arizona), the act would create a de minimis exemption for transactions in cryptocurrencies up to $600, relieving consumers of “burdensome reporting requirements.” The act, said Representative Polis, would be “effectively revenue neutral.” 

“I assure you, Mr. Chair, many [cryptocurrency] purchases are happening today,” said Representative Polis, “but many of the taxpayers that are doing so are taking on the risk [of], or perhaps even formally violating our tax code – or [they are] at least in a gray area.”