US House Panel To Vote On Crypto Tax Rules That Could Reshape Bitcoin Mining And Trading

The U.S. House Ways and Means Committee is set to vote on a package of crypto tax bills on September 16.

• HR.9175 would let eligible minors and estates defer income on newly created tokens until the assets are disposed of. 
• HR 9172 would extend wash-sale and constructive-sale rules to digital assets while excluding qualified U.S. dollars and stablecoins. 
• Democrats have proposed limits on the tax deferral and separately raised concerns about digital asset income being treated as Puerto Rican-sourced. 

The U.S. House Ways and Means Committee is reportedly set to vote on a group of digital asset tax bills on September 16. This is the first time that crypto tax legislation has gone from being introduced as bills to a formal committee vote. 

It would be the panel's first move on the package since a June 9 legislative hearing on digital asset taxation. A positive vote would send the bills to the full House floor. As of Saturday, the committee had not posted a markup notice on its schedule. This means that the final bill list was not yet known. However, according to Bloomberg, the bill is set to be voted on September 16. 

Miners Get Deferral Option

The two measures introduced June 8 have drawn the most attention. H.R. 9175, the Tax Clarity for Mining and Staking Act, by Representative Mike Carey (R-OH), clarifies that the new tokens are considered ordinary income when received, but it also gives miners and stakers an election to defer that income until they dispose of the assets.