Tax Clarity for Mining and Staking Act

This bill sets federal tax rules for new digital assets (such as cryptocurrency) received from mining or staking. By default, the fair market value of a newly minted digital asset would count as ordinary income when it is received, and the costs of mining or staking would be deducted as expenses. Taxpayers could instead elect to delay counting the income until they sell or dispose of the asset, with gains taxed as ordinary income and mining or staking costs added to the asset's basis. The bill also sets rules for whether this income counts as earned inside or outside the United States, allows certain investment trusts to stake digital assets and still be treated as trusts, and adds definitions of digital assets, staking, and mining to the tax code.

Full text and official record on Congress.gov

Sponsors

• Mike Carey Republican sponsor
• 0 cosponsors