H.R. 8899
Digital Asset PARITY Act
Sponsor: Max L. Miller
3 cosponsors
Official summary
No official summary yet.
Text of the bill
(a) In general. Paragraph (2) of section 864(b) of the Internal Revenue Code of 1986 is amended by redesignating subparagraph (C) as subparagraph (D) and by inserting after subparagraph (B) the following new subparagraph:
(C) Traded digital assets
(i) In general. Trading in traded digital assets through a resident broker, commission agent, custodian, or other independent agent.
(ii) Trading for taxpayer’s own account. Trading in traded digital assets for the taxpayer’s own account, whether by the taxpayer or the taxpayer’s employees or through a resident broker, commission agent, custodian, digital asset exchange, or other agent, and whether or not any such employee or agent has discretionary authority to make decisions in effecting the transactions. This clause shall not apply in the case of a dealer in digital assets.
(iii) Limitation. This subparagraph shall apply only if the digital assets are of a kind customarily dealt in on a digital asset exchange.
(b) Conforming amendment. Subparagraph (D) of section 864(b)(2) of the Internal Revenue Code of 1986, as redesignated by subsection (a), is amended by striking (A)(i) and (B)(i) and inserting (A)(i), (B)(i), and (C)(i).
(c) Effective date. The amendments made by this section shall apply to taxable years beginning after the date of enactment of this Act.