Congress passes US infra bill without crypto tax amendments
The US House of Representatives passed the $1.2 trillion infrastructure bill on Saturday, without amending the controversial broker definition under crypto tax provision.
The bipartisan infrastructure bill under the Biden administration was submitted by the Senate this summer and passed in August, after months of debate in the House of Representatives. The bill now awaits approval by US President Joe Biden before officially becoming a law.
One of the main policies by Biden, the bill submitted by the US Senate proposes to invest $1.2 trillion in domestic infrastructures such as roads/bridges, railroads, ports, water services, high-speed communication networks, and power grids over the next eight years.
The bill also seeks to raise an additional $28 billion from taxing crypto to fund the investment. However, the bill was heavily criticized by crypto proponents over some of the definitions under crypto tax provision.
Under the definition of the broker, the IRS will require all brokers to file 1099 forms and declarations, revealing the names and addresses of their customers. The definition was condemned for being too broad since it would include miners, validators, and brokers who have no means to report transactions.
Even after multiple requests from pro-crypto investors and industrialists, the lawmakers rejected amendments to exempt non-custodial crypto entities.
1/ Despite our best efforts, the infrastructure bill has passed with the terrible crypto tax reporting provisions. The fight is not over yet, however. We have several paths to continue to pursue a fix.
— Jerry Brito (@jerrybrito) November 6, 2021
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow