,,iv  #aae? ,,congress  #a/ ,session    
,h4 ,,con4 ,,res4 #ig  ,,9 ,,! ,,h\se   
,,( ,,repres5tatives  ,decemb] #ah1     
#bjag,mr4 ,polis submitt$ ! foll[+      
concurr5t resolution2 :i* 0 ref]r$ to ! 
,committee on ,ways & ,means1 & 9       
addition to ! ,committee on ,h\se       
,adm9i/ration1 = a p]iod to be          
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,,concurr5t ,,resolution       
,direct+ ! ,cl]k ( ! ,h\se (            
,repres5tatives to make corrections 9 ! 
enrollm5t ( ,h4,r4 #a4  ,t 9 ! enrollm5t
 ( ! bill ,h4,r4 #a1 ! ,cl]k ( ! ,h\se (
 ,repres5tatives %all add at ! end (    
title ,i ! foll[+ new subtitle3  ,e     
,miscellane\s  #aejja4 ,expansion (     
limitation on d$uctions = exp5ditures = 
lobby+ ,congress  7a7 ,9 g5]al ,section 
#afb7;e7 is am5d$ 9 p>agraph 7#a77;,d71 
by ins]t+ 1 or ) a ,s5ator1 a           
,repres5tative 91 or a ,delegate or     
,resid5t ,commission] to1 ! ,congress   

7or a s5ior /aff memb] = su* ,s5ator1   
,repres5tative1 ,delegate1 or ,resid5t  
,commission]71 aft] executive bran*     
(ficial4  7b7 ,effective date ,!        
am5dm5ts made by ?is section %all apply 
) respect to am\nts paid or incurr$ aft]
 ,decemb] #ca1 #bjag4  4  #aejjb4       
,tax-free production ( kombu*a  7a7     
,exception f def9ition ( brew]          
,subsection 7d7 ( section #ejeb ( !     
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
to read z foll[s3  7d7 ,brew]  7#a7 ,9  
g5]al ,= purposes ( ?is *apt]1 ! t]m    
brew] means any p]son :o brews be] or   
produces be] = sale4  7#b7 ,exception ,!
 t]m brew] %all n include any p]son :o--
 7,a7 produces only be] exempt f tax "u 
subsection 7e7 ( section #ejec1 or  7,b7
 produces only kombu*a exempt f tax "u  
subsection 7i7 ( su* section4  4  7b7   
,exemption f tax ,section #ejec ( !     
,int]nal ,rev5ue ,code ( #aihf is       
am5d$--  7#a7 by r$esignat+ subsection  
7i7 z subsection 7j72 &  7#b7 by ins]t+ 
aft] subsection 7h7 ! foll[+ new        

subsection3  7i7 ,production ( kombu*a  
7#a7 ,9 g5]al ,subject to regulation    
prescrib$ by ! ,secret>y1 any p]son may1
 )\t paym5t ( tax1 produce kombu*a =    
consumption or sale4  7#b7 ,def9ition ,=
 purposes ( ?is *apt]1 ! t]m kombu*a    
means a bev]age :i*-- 7,a7 is f]m5t$    
solely by a symbiotic culture ( bact]ia 
& yea/1  7,b7 conta9s n m ?an #a4be     
p]c5t ( alcohol by volume1  7,c7 is sold
 or (f]$ = sale z kombu*a1 &  7,d7 is   
d]iv$ f-- 7i7 sug>1 malt or malt        
sub/itute1 tea1 or c(fee1 &  7ii7 n m   
?an #bj p]c5t o!r :olesome +r$i5ts4  4  
#aejjc4 ,virtual curr5cy  7a7 ,9 g5]al  
,"p ,,iii ( sub*apt] ,b ( *apt] #a ( !  
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by ins]t+ aft] section #aci;,g 7z add$  
by ?is ,act7 ! foll[+ new section3      
#aci;,h4 ,ga9 f sale or ex*ange (       
virtual curr5cy  7a7 ,9 g5]al ,gross    
income %all n include ga9 f ! sale or   
ex*ange ( virtual curr5cy = o!r ?an ca% 
or ca% equival5ts4  7b7 ,limitation     
7#a7 ,9 g5]al ,! am\nt ( ga9 exclud$ f  

gross income "u subsection 7a7 ) respect
 to a sale or ex*ange %all n exce$ #fjj4
  7#b7 ,aggregation rule ,= purposes (  
?is subsection1 all sales or ex*anges   
:i* are "p ( ! same transaction 7or a   
s]ies ( relat$ transactions7 %all be    
treat$ z "o sale or ex*ange4  7c7       
,virtual curr5cy ,= purposes ( ?is      
section1 ! t]m virtual curr5cy means a  
digital repres5tation ( value t is us$ z
 a m$ium ( ex*ange & is n o!rwise       
curr5cy "u section #ihh4  7d7 ,inflation
 adju/m5t ,9 ! case ( any taxable ye>   
beg9n+ 9 a cal5d> ye> aft] #bjah1 !     
doll> am\nt 9 subsection 7b7 %all be    
increas$ by an am\nt equal to--  7#a7   
su* doll> am\nt1 multipli$ by  7#b7 !   
co/-(-liv+ adju/m5t det]m9$ "u section  
#a7;f77#c7 = ! cal5d> ye> 9 :i* !       
taxable ye> beg9s1 det]m9$ by sub/itut+ 
cal5d> ye> #bjag = cal5d> ye> #aiib 9   
subp>agraph 7,b7 !re(4  ,any increase   
det]m9$ "u ! prec$+ s5t5ce %all be r\nd$
 to ! ne>e/ multiple ( #ej4  4  7b7     
,cl]ical am5dm5t ,! table ( sections =  

"p ,,iii ( sub*apt] ,b ( *apt] #a ( su* 
,code is am5d$ by ins]t+ aft] ! item    
relat+ to section #aci;,f ! foll[+ new  
item3  ,sec4 #aci;,h4 ,ga9 f sale or    
ex*ange ( virtual curr5cy4  4  7c7      
,report+ ( ga9s or losses ,! ,secret>y  
%all issue regulations provid+ =        
in=mation returns on virtual curr5cy    
transactions = :i* ga9 or loss is       
recogniz$4  7d7 ,effective date ,!      
am5dm5ts made by ?is section %all apply 
) respect to transactions ent]$ into    
aft] ,decemb] #ca1 #bjag4  #aejjd4      
,all[ance ( d$uctions & cr$its relat+ to
 exp5ditures 9 connection ) m>ijuana    
sales conduct$ 9 compliance ) ,/ate law 
7a7 ,9 g5]al ,section #bhj;,e is am5d$  
by ins]t+ be=e ! p]iod at ! end !       
foll[+3 1 unless su* trade or bus9ess   
consi/s ( m>ijuana sales conduct$ 9     
compliance ) ,/ate law4  7b7 ,effective 
date ,! am5dm5t made by ?is section %all
 apply ) respect to taxable ye>s end+   
aft] ! date ( ! enactm5t ( ?is ,act4