,i  #aaeth ,,congress  #ast ,session    
,h4 ,r4 #cgjh  ,,in ,,the ,,house ,,of  
,,representatives  ,september #g1       
#bjag,mr4 ,schweikert 7for himself and  
,mr4 ,polis7 introduced the following   
bill2 which was referred to the         
,committee on ,ways and ,means  ,a      
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to exclude from gross   
income de minimis gains from certain    
sales or exchanges of virtual currency1 
and for other purposes4  #a4 ,virtual   
currency  7a7 ,in general ,part ,,iii of
 subchapter ,b of chapter #a of the     
,internal ,revenue ,code of #aihf is    
amended by inserting after section      
#aci;,f the following new section3      
#aci;,g4 ,gain from sale or exchange of 
virtual currency  7a7 ,in general ,gross
 income shall not include gain from the 
sale or exchange of virtual currency for
 other than cash or cash equivalents4   
7b7 ,limitation  7#a7 ,in general ,the  
amount of gain excluded from gross      
income under subsection 7a7 with respect

 to a sale or exchange shall not exceed 
#fjj4  7#b7 ,aggregation rule ,for      
purposes of this subsection1 all sales  
or exchanges which are part of the same 
transaction 7or a series of related     
transactions7 shall be treated as one   
sale or exchange4  7c7 ,virtual currency
 ,for purposes of this section1 the term
 virtual currency means a digital       
representation of value that is used as 
a medium of exchange and is not         
otherwise currency under section #ihh4  
7d7 ,inflation adjustment ,in the case  
of any taxable year beginning in a      
calendar year after #bjah1 the dollar   
amount in subsection 7b7 shall be       
increased by an amount equal to--  7#a7 
such dollar amount1 multiplied by  7#b7 
the cost-of-living adjustment determined
 under section #a7;f77#c7 for the       
calendar year in which the taxable year 
begins1 determined by substituting      
calendar year #bjag for calendar year   
#aiib in subparagraph 7,b7 thereof4     
,any increase determined under the      

preceding sentence shall be rounded to  
the nearest multiple of #ej4  4  7b7    
,clerical amendment ,the table of       
sections for part ,,iii of subchapter ,b
 of chapter #a of such ,code is amended 
by inserting after the item relating to 
section #aci;,f the following new item3 
,sec4 #aci;,g4 ,gain from sale or       
exchange of virtual currency4  4  7c7   
,reporting of gains or losses ,the      
,secretary shall issue regulations      
providing for information returns on    
virtual currency transactions for which 
gain or loss is recognized4  7d7        
,effective date ,the amendments made by 
this section shall apply with respect to
 transactions entered into after        
,december #ca1 #bjag4