The bill would let taxpayers pay federal taxes and related penalties with Bitcoin. The Treasury Secretary would set rules for confirming and valuing payments. A transfer used to pay a tax bill would not count as a sale for tax purposes up to the amount owed; any excess would be treated as a disposition. Bitcoin received as tax payments would go into a Strategic Bitcoin Reserve. The Secretary generally could not dispose of reserve Bitcoin until it had been held for 20 years, and annual disposals could not exceed one-twentieth of total holdings. The Secretary would publish an annual report on the reserve's holdings and custody arrangements.
If enacted, you could use Bitcoin to pay federal taxes. The Secretary would set the payment and valuation rules. Bitcoin transferred beyond the amount of your tax liability could be treated as a taxable disposition.
No publicly available information.
The bill's findings say accepting Bitcoin for taxes could diversify national reserves, support financial inclusion, and strengthen the country's financial resilience and security.
No publicly available information.