The U.S. House Ways and Means Committee is scheduled to review a set of digital asset tax bills on Sept. 16, a step that could move the legislation closer to a full House vote. The discussion will center on two issues: when miners and stakers should be taxed on newly created tokens, and whether wash sale rules used for stocks should also apply to digital assets. The two bills named in the review are the Mining and Staking Tax Fairness Act, H.R. 9175, and the bill to apply existing tax anti-abuse rules to digital assets, H.R. 9172. Under H.R. 9175, miners and stakers would not be taxed when they receive newly created tokens, but when those tokens are actually sold, with the proceeds treated as ordinary income. H.R. 9172 would extend wash sale and constructive sale rules to actively traded digital assets.
According to Odaily, the U.S. House Ways and Means Committee is scheduled to review a series of digital asset tax bills on Sept. 16, moving crypto tax legislation closer to a vote by the full House.
The review will focus on two issues: when miners and stakers should be taxed on newly created tokens, and whether wash sale rules that apply to stocks should also cover digital assets.
The two key bills are the Mining and Staking Tax Fairness Act, H.R. 9175, and the bill to apply existing tax anti-abuse rules to digital assets, H.R. 9172.
Under H.R. 9175, miners and stakers would not be taxed immediately upon receiving new tokens. Tax would apply when the tokens are actually sold, and would be treated as ordinary income. H.R. 9172 would extend wash sale and constructive sale rules to actively traded digital assets, closing what the report described as a tax loophole that crypto traders have used for years.
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