,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #cfej  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,july #i1 #bjai,mr4   
,emm] introduc$ ! foll[+ bill2 :i* 0    
ref]r$ to ! ,committee on ,ways & ,means
  ,a ,,bill  ,to provide tempor>y safe  
h>bor = ! tax treatm5t ( h>d =ks (      
conv]tible virtual curr5cy 9 ! abs5ce ( 
adm9i/rative guidance4  #a4 ,%ort title 
,?is ,act may be cit$ z ! ,safe ,h>bor =
 ,taxpay]s ) ,=k$ ,assets ,act ( #bjai4 
#b4 ,safe h>bor p]iod = p5alties relat+ 
to tax treatm5t ( h>d-=k$ virtual       
curr5cy  7a7 ,9 g5]al ,9 ! case ( a     
taxpay] :o dur+ ! applicable p]iod      
receives =k$ conv]tible virtual         
curr5cy--  7#a7 no p5alties or additions
 to tax "u "p ,,ii ( sub*apt] ,a ( *apt]
 #fh ( ! ,int]nal ,rev5ue ,code ( #aihf 
%all apply ) respect to any portion ( an
 und]paym5t or und]/atem5t ( tax t is   
attributable to ! taxpay]'s attempt dur+
 su* p]iod to comply ) ! tax treatm5t "u
 su* ,code ( ! receipt ( su* virtual    
curr5cy 7or any disposition ( su*       

curr5cy dur+ su* p]iod72 &  7#b7 no     
p5alties or additions to tax "u sections
 #ffea1 #ffed1 #ffee1 #ffef1 #ffih1 &   
#ffii %all apply = any failure dur+ !   
applicable p]iod to file a return or    
report or make a paym5t ( tax to ! ext5t
 su* failure is attributable to fil+ or 
paym5t requirem5ts relat+ to ! receipt (
 su* virtual curr5cy 7or any disposition
 ( su* curr5cy dur+ su* p]iod74  7b7    
,def9itions & special rules ,= purposes 
( ?is section-- 7#a7 ,applicable p]iod  
,! t]m applicable p]iod means any p]iod 
beg9n+ be=e ! date ( ! enactm5t ( ?is   
,act & end+ on ! date ! ,secret>y issues
 regulations or guidance1 or legislation
 is enact$1 t prescribes ea* ( ! foll[+3
  7,a7 ,! tax treatm5t ( receiv+ =k$    
conv]tible virtual curr5cy4  7,b7 ,rules
 = calculat+ & allocat+ ! basis ( =k$   
conv]tible virtual curr5cy4  7,c7 ,rules
 = calculat+ ! fair m>ket value ( =k$   
conv]tible virtual curr5cy at any giv5  
"t4  7,d7 ,rules = det]m9+ ! hold+ p]iod
 ( =k$ conv]tible virtual curr5cy4  7#b7

 ,=k$ conv]tible virtual curr5cy  7,a7  
,9 g5]al ,! t]m =k$ conv]tible virtual  
curr5cy means1 ) respect to any taxpay]1
 any conv]tible virtual curr5cy to :i* !
 taxpay] becomes entitl$ by reason ( a  
h>d =k4  7,b7 ,conv]tible virtual       
curr5cy ,! t]m conv]tible virtual       
curr5cy means any digital repres5tation 
( value t-- 7i7 functions z a m$ium (   
ex*ange1 a unit ( acc\nt1 or a /ore (   
value2  7ii7 does n h legal t5d] /atus2 
&  7iii7 has an asc]ta9able equival5t   
value 9 legal t5d] or is us$ z a        
sub/itute = legal t5d]4  7,c7 ,h>d =k ,!
 t]m h>d =k means1 ) respect to any     
conv]tible virtual curr5cy1 any mat]ial 
*ange 9 ! %>$ digital l$g] :i* is us$ to
 v]ify by cons5sus transactions 9 su*   
curr5cy if su* *ange results 9 !        
ma9t5ance ( indep5d5t %>$ digital l$g]s 
) respect to su* curr5cy4  7#c7         
,con/ructive receipt ,receiv+ =k$       
virtual curr5cy %all include any "r to  
receive 7or o!r con/ructive (7 su*      
virtual curr5cy4