Crypto Tax Bill: Is Mining/Staking Provision Dropped or Not?
CoinGape and Bitcoin.com News both cover the Sept. 16 Ways and Means markup of the Digital Asset Tax Certainty Act but disagree on whether the mining and staking tax provision has already been removed.
CoinGape and Bitcoin.com News both cover the Sept. 16 Ways and Means markup of the Digital Asset Tax Certainty Act but disagree on whether the mining and staking tax provision has already been removed.
What all sources agree on
- The House Ways and Means Committee has scheduled a markup of the Digital Asset Tax Certainty Act for September 16.
- The bill package includes wash-sale/constructive-sale rules for digital assets (H.R. 9172).
- Rep. Steven Horsford is described as a key Democratic figure whose support/concerns relate to the mining and staking tax treatment.
- The markup coincides with the House Financial Services Committee’s vote on the Strategic Bitcoin Reserve bill and follows the Senate’s CLARITY Act cloture vote.
Where the reports disagree
1Status of the mining/staking tax deferral provision (H.R. 9175) ahead of the Sept. 16 markup
Republicans have dropped the H.R. 9175, Tax Clarity for Mining and Staking Act, from the tax package. That bill specifically includes provisions that address taxes on mining and staking rewards.
Punchbowl News reported on Sept. 13 that committee Republicans were strongly considering dropping the mining and staking provisions and described the issue as the biggest tension point with Horsford, the most vocal crypto backer among Ways and Means Democrats and a crucial swing vote. There is also speculation that the options on the table included keeping the deferral, removing it or capping it with a five-year limit.
What would settle it: The final text of the Digital Asset Tax Certainty Act as noticed for the September 16 Ways and Means Committee markup, or the committee’s official markup record.
What to make of it
Treat the September 16 markup date and the wash-sale provision (H.R. 9172) as established; whether the mining/staking deferral has been dropped or is still under negotiation is unresolved and should not be treated as settled until the committee’s actual bill text or markup outcome is checked.
Treat the September 16 markup date and the wash-sale provision (H.R. 9172) as established; whether the mining/staking deferral has been dropped or is still under negotiation is unresolved and should not be treated as settled until the committee’s actual bill text or markup outcome is checked.
Original source: AltcoinGordon
Syndicated coverage. Originally reported by altcoingordon.com.
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