Stockman plans to introduce the “Virtual Currency Tax Reform Act”
WASHINGTON - Today Congressman Steve Stockman (R-TX) will introduce the “Virtual Currency Tax Reform Act.” If enacted, this legislation would change the tax status of virtual currencies, such as Bitcoin, from property to currency.
Congressman Stockman introduced this legislation as the IRS begins to regulate virtual currencies as property and require capital gains tax payments on any virtual currency transactions. This legislation would instead require Americans to pay sales taxes on virtual currency transactions, a more proper way of taxing such transactions.
Commenting on this proposed legislation, Congressman Stockman said, “This is a nascent industry. Along with 3-D printers and nanotubes, cryptocurrency is the future. We need to encourage it, not discourage it. There is risk associated with every budding industry in America.”
This evening, Congressman Stockman will visit the New York City Bitcoin Center to further discuss this legislation.