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Tax Relief for Small Virtual Currency Transactions

This bill aims to exempt gains from small virtual currency transactions from income tax if the gain does not exceed $200. This means citizens will not have to pay tax on minor profits from virtual currency exchanges, simplifying tax filings and encouraging their use in daily transactions.
Key points
Exemption from tax on virtual currency transaction gains up to $200.
Simplification of tax reporting for individuals using virtual currencies in daily transactions.
Changes apply to transactions made after December 31, 2021.
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Expired
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Additional Information
Print number: 117_HR_6582
Sponsor: Rep. DelBene, Suzan K. [D-WA-1]
Process start date: 2022-02-03
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Virtual Currency Tax Fairness Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_6582.

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 2022-02-03.

What are the main provisions?

Key points include:

  • Exemption from tax on virtual currency transaction gains up to $200.
  • Simplification of tax reporting for individuals using virtual currencies in daily transactions.
  • Changes apply to transactions made after December 31, 2021.
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. DelBene, Suzan K. [D-WA-1].

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 2025-12-28.

CATEGORIES

Taxes Economy