CRYPTO & THE INFRASTRUCTURE BILL

On November 15, 2021, President Biden signed into law the $1.2 trillion Infrastructure Investment and Jobs Act, a bill that includes controversial and problematic tax provisions for digital assets.

ABOUT THE BILL

The Infrastructure Investment and Jobs act is very significant legislation that impacts the entire digital asset industry, as well as investors. It modifies the current definition of who is a “broker” and responsible for information reporting of cryptocurrency transactions to the IRS. Starting in 2024, cryptocurrency transactions will require the same “proceeds” and “cost basis” reporting, the primary inputs for determining taxable gains or losses, as stocks, bonds, and other traditional investments.

THE IMPACT

The Chamber partnered with Michael Desmond, former Chief Counsel of the IRS and Partner at Gibson, Dunn & Crutcher to develop a memo distilling the nuances of this legislation, the impact it has, and our policy recommendations going forward.

What you should know about Crypto Tax

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