Topic: [2021-11-07] House passes $1T infrastructure bill with crypto tax for Biden's (Read 204 times)

SEC. 80603. INFORMATION REPORTING FOR BROKERS AND DIGITAL ASSETS.

    (a) Clarification of Definition of Broker.--Section 6045(c)(1) of 
the Internal Revenue Code of 1986 is amended--
            (1) by striking ``and'' at the end of subparagraph (B),
            (2) in subparagraph (C)--
                    (A) by striking ``any other person who (for a 
                consideration)'' and inserting ``any person who (for 
                consideration)'', and
                    (B) by striking the period at the end and inserting 
                ``, and'', and
            (3) by inserting after subparagraph (C) the following new 
        subparagraph:
                    ``(D) any person who (for consideration) is 
                responsible for regularly providing any service 
                effectuating transfers of digital assets on behalf of 
                another person.''.
    (b) Reporting of Digital Assets.--
            (1) Brokers.--
                    (A) Treatment as specified security.--Section 
                6045(g)(3)(B) of the Internal Revenue Code of 1986 is 
                amended by striking ``and'' at the end of clause (iii), 
                by redesignating clause (iv) as clause (v), and by 
                inserting after clause (iii) the following new clause:
                            ``(iv) any digital asset, and''.
                    (B) Definition of digital asset.--Section 
                6045(g)(3) of such Code is amended by adding at the end 
                the following new subparagraph:
                    ``(D) Digital asset.--Except as otherwise provided 
                by the Secretary, the term `digital asset' means any 
                digital representation of value which is recorded on a 
                cryptographically secured distributed ledger or any 
                similar technology as specified by the Secretary.''.
                    (C) Applicable date.--Section 6045(g)(3)(C) of such 
                Code is amended--
                            (i) in clause (ii), by striking ``and'' at 
                        the end,
                            (ii) by redesignating clause (iii) as 
                        clause (iv), and
                            (iii) by inserting after clause (ii) the 
                        following:
                            ``(iii) January 1, 2023, in the case of any 
                        specified security which is a digital asset, 
                        and''.
            (2) Furnishing of information.--
                    (A) In general.--Section 6045A of such Code is 
                amended--
                            (i) in subsection (a), by striking ``a 
                        security which is'', and
                            (ii) by adding at the end the following:
    ``(d) Return Requirement for Certain Transfers of Digital Assets 
Not Otherwise Subject to Reporting.--Any broker, with respect to any 
transfer (which is not part of a sale or exchange executed by such 
broker) during a calendar year of a covered security which is a digital 
asset from an account maintained by such broker to an account which is 
not maintained by, or an address not associated with, a person that 
such broker knows or has reason to know is also a broker, shall make a 
return for such calendar year, in such form as determined by the 
Secretary, showing the information otherwise required to be furnished 
with respect to transfers subject to subsection (a).''.
                    (B) Reporting penalties.--Section 6724(d)(1)(B) of 
                such Code is amended by striking ``or'' at the end of 
                clause (xxv), by striking ``and'' at the end of clause 
                (xxvi), and by inserting after clause (xxvi) the 
                following new clause:
                            ``(xxvii) section 6045A(d) (relating to 
                        returns for certain digital assets),''.
            (3) Treatment as cash for purposes of section 6050i.--
        Section 6050I(d) of such Code is amended by striking ``and'' at 
        the end of paragraph (1), by striking the period at the end of 
        paragraph (2) and inserting ``, and'', and by inserting after 
        paragraph (2) the following new paragraph:
            ``(3) any digital asset (as defined in section 
        6045(g)(3)(D)).''.
    (c) Effective Date.--The amendments made by this section shall 
apply to returns required to be filed, and statements required to be 
furnished, after December 31, 2023.
    (d) Rule of Construction.--Nothing in this section or the 
amendments made by this section shall be construed to create any 
inference, for any period prior to the effective date of such 
amendments, with respect to--
            (1) whether any person is a broker under section 6045(c)(1) 
        of the Internal Revenue Code of 1986, or
            (2) whether any digital asset is property which is a 
        specified security under section 6045(g)(3)(B) of such Code.

any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person.

Treatment as cash for purposes of section 6050i.

The amendments made by this section shall apply to returns required to be filed, and statements required to be furnished, after December 31, 2023.