,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #cfej  ,,in ,,the ,,house ,,of  
,,representatives  ,july #i1 #bjai,mr4  
,emmer introduced the following bill2   
which was referred to the ,committee on 
,ways and ,means  ,a ,,bill  ,to provide
 temporary safe harbor for the tax      
treatment of hard forks of convertible  
virtual currency in the absence of      
administrative guidance4  #a4 ,short    
title ,this ,act may be cited as the    
,safe ,harbor for ,taxpayers with       
,forked ,assets ,act of #bjai4  #b4     
,safe harbor period for penalties       
relating to tax treatment of hard-forked
 virtual currency  7a7 ,in general ,in  
the case of a taxpayer who during the   
applicable period receives forked       
convertible virtual currency--  7#a7 no 
penalties or additions to tax under part
 ,,ii of subchapter ,a of chapter #fh of
 the ,internal ,revenue ,code of #aihf  
shall apply with respect to any portion 
of an underpayment or understatement of 
tax that is attributable to the         

taxpayer's attempt during such period to
 comply with the tax treatment under    
such ,code of the receipt of such       
virtual currency 7or any disposition of 
such currency during such period72 and  
7#b7 no penalties or additions to tax   
under sections #ffea1 #ffed1 #ffee1     
#ffef1 #ffih1 and #ffii shall apply for 
any failure during the applicable period
 to file a return or report or make a   
payment of tax to the extent such       
failure is attributable to filing or    
payment requirements relating to the    
receipt of such virtual currency 7or any
 disposition of such currency during    
such period74  7b7 ,definitions and     
special rules ,for purposes of this     
section-- 7#a7 ,applicable period ,the  
term applicable period means any period 
beginning before the date of the        
enactment of this ,act and ending on the
 date the ,secretary issues regulations 
or guidance1 or legislation is enacted1 
that prescribes each of the following3  
7,a7 ,the tax treatment of receiving    

forked convertible virtual currency4    
7,b7 ,rules for calculating and         
allocating the basis of forked          
convertible virtual currency4  7,c7     
,rules for calculating the fair market  
value of forked convertible virtual     
currency at any given time4  7,d7 ,rules
 for determining the holding period of  
forked convertible virtual currency4    
7#b7 ,forked convertible virtual        
currency  7,a7 ,in general ,the term    
forked convertible virtual currency     
means1 with respect to any taxpayer1 any
 convertible virtual currency to which  
the taxpayer becomes entitled by reason 
of a hard fork4  7,b7 ,convertible      
virtual currency ,the term convertible  
virtual currency means any digital      
representation of value that-- 7i7      
functions as a medium of exchange1 a    
unit of account1 or a store of value2   
7ii7 does not have legal tender status2 
and  7iii7 has an ascertainable         
equivalent value in legal tender or is  
used as a substitute for legal tender4  

7,c7 ,hard fork ,the term hard fork     
means1 with respect to any convertible  
virtual currency1 any material change in
 the shared digital ledger which is used
 to verify by consensus transactions in 
such currency if such change results in 
the maintenance of independent shared   
digital ledgers with respect to such    
currency4  7#c7 ,constructive receipt   
,receiving forked virtual currency shall
 include any right to receive 7or other 
constructive of7 such virtual currency4