H.R. 9172
Applying Existing Tax Anti-Abuse Rules to Digital Assets Act
Sponsor: Jodey C. Arrington · 0 cosponsors
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Text of the bill
(a) In general. Section 1091 is amended—
(1) by striking stock or securities each place it appears and inserting specified assets, and
(2) by striking shares of each place it appears.
(b) Specified asset. Section 1091 is amended by adding at the end the following new subsection:
(g) Specified asset. For purposes of this section—
(1) In general. The term specified asset means—
(A) any stock or security, and
(B) any digital asset other than a qualified U.S. dollar stablecoin.
(2) Contracts and options. Except as otherwise provided in regulations, the term specified asset includes any contract or option to acquire or sell any specified asset described in paragraph (1).
(3) Treatment of tokenized digital assets as substantially identical to an economically equivalent stock or security. A tokenized digital asset (and a wrapped digital asset with respect to which the reference digital asset is a traded digital asset) shall be treated as substantially identical to any stock, security, or digital asset if such tokenized digital asset (or such wrapped digital asset) is economically equivalent to such stock, security, or digital asset.
(4) Functional currency other than the dollar. In the case of any taxpayer or qualified business unit (as defined in section 989(a)), a qualified U.S. dollar stablecoin shall not be treated as a qualified U.S. dollar stablecoin for purposes of paragraph (1)(B) if such taxpayer or qualified business unit uses a functional currency other than the dollar.
(c) Exception for certain acquisitions of digital assets acquired in connection with validation of digital asset transactions. Section 1091, as amended by subsection (b), is amended by adding at the end the following new subsection:
(h) Exception for certain acquisitions of digital assets acquired in connection with the validation of digital asset transactions. The acquisition of a digital asset shall not be taken into account under this section if such digital asset is acquired in connection with the validation of digital asset transactions (including digital asset validation supporting activities).
(d) Conforming amendments
(1) Section 1091(a) is amended by striking the last sentence.
(2) Section 1091(e) (as amended by subsection (a)) is amended to read as follows:
(e) Certain short sales of specified assets and specified asset futures contracts To sell. Rules similar to the rules of subsection (a) shall apply to any loss realized on the closing of a short sale of (or the sale, exchange, or termination of a specified asset futures contract to sell) specified assets if, within a period beginning 30 days before the date of such closing and ending 30 days after such date— For purposes of this subsection, the term “specified asset futures contract” has the meaning provided by section 1234B(c).
(1) substantially identical specified assets were sold, or
(2) another short sale of (or specified asset futures contracts to sell) substantially identical specified assets was entered into.
(3) The heading of section 1091 is amended by striking stock or securities and inserting specified assets.
(4) The headings of subsections (b), (c), and (d) of section 1091 are each amended by striking Stock each place it appears and inserting Specified Assets.
(5) The item relating to section 1091 in the table of sections for part VII of subchapter O of chapter 1 is amended by striking stock or securities and inserting specified assets.
(6) Section 312(f)(1) is amended by striking stock or securities and inserting specified assets.
(7) Section 1256(f)(5) is amended by striking stock or securities and inserting specified assets.
(8) Section 6045(g)(2)(B)(ii) is amended—
(A) by striking stock or securities and inserting specified assets, and
(B) by striking identical securities and inserting identical specified assets.
(e) Effective date. The amendments made by this section shall apply to dispositions after the date of the introduction of this Act.
(f) Transition rule relating to broker reporting. For purposes of section 6045 of the Internal Revenue Code of 1986, in the case of the sale or other disposition before January 1, 2028, of a digital asset to which section 1091 would not have applied but for the amendments made by this section, the customer’s adjusted basis may be determined without regard to section 1091 of such Code.