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US lawmakers introduce bill to 'fix' crypto reporting requirement from infrastructure law
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A bipartisan group of United States lawmakers has introduced legislation to change the tax reporting requirements that will go into effect due to the recently signed infrastructure bill.
House Representatives Patrick McHenry and Tim Ryan introduced the Keep Innovation in America Act which would change the definition of broker as defined in HR 3684, the bipartisan infrastructure bill signed into law by President Joe Biden on Nov. 15. The bill proposes pushing back the mandated reporting requirements — which includes digital asset transactions worth more than $10,000 to be declared to the Internal Revenue Service — from 2024 to 2026.
I introduced this bipartisan bill w/ @RepTimRyan to fix the new poorly constructed #digitalasset reporting
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