arrow_back Back to App

Tax Exemption for Crypto from 'Hard Forks' and Penalty Relief

This bill aims to simplify tax reporting for cryptocurrencies. If you own cryptocurrencies and receive new ones due to a technical change ('hard fork'), this law may exempt you from immediate taxation on them. Additionally, it introduces a safe harbor period from penalties for tax reporting errors related to such cryptocurrencies until clear guidelines are issued.
Key points
New cryptocurrencies received from a 'hard fork' will not be immediately included in your taxable income.
The bill provides protection from penalties for tax reporting errors related to these cryptocurrencies until the government issues detailed regulations.
Penalty protection lasts until clear rules for valuing and reporting these cryptocurrencies are established.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_3273
Sponsor: Rep. Emmer, Tom [R-MN-6]
Process start date: 2021-05-17
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Safe Harbor for Taxpayers with Forked Assets Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_3273.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-05-17.

What are the main provisions?

Key points include:

  • New cryptocurrencies received from a 'hard fork' will not be immediately included in your taxable income.
  • The bill provides protection from penalties for tax reporting errors related to these cryptocurrencies until the government issues detailed regulations.
  • Penalty protection lasts until clear rules for valuing and reporting these cryptocurrencies are established.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Emmer, Tom [R-MN-6].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Taxes Economy