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117-hr-6006117th Congress

Keep Innovation in America Act

Sponsored By: Representative McHenry, Patrick T. [R-NC-10]

Unknown

Summary

Keep Innovation in America Act This bill modifies provisions enacted by the Infrastructure Investment and Jobs Act relating to the definitions of broker and digital assets and their reporting requirements. The bill redefines broker, for tax reporting purposes, to mean any person who (for consideration) stands ready in the ordinary course of business to effect sales of digital assets at the direction of their customers. The bill redefines digital asset to mean any digital representation of value which is recorded on a cryptographically secured distribution ledger (this revised definition eliminates the discretion of the Department of the Treasury to include similar technology in the definition of digital asset). The bill eliminates the cash reporting requirement for digital assets (i.e., receipt of more than $10,000) but requires Treasury to conduct a study of, and report on, the effect of expanding the definition of cash to include any digital asset.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & CoSponsors

Sponsor

McHenry, Patrick T. [R-NC-10]

NC • R

Cosponsors

  • Rep. Ryan, Tim [D-OH-13]

    OH • D

    Sponsored 11/17/2021

  • Rep. Brady, Kevin [R-TX-8]

    TX • R

    Sponsored 11/17/2021

  • Rep. Khanna, Ro [D-CA-17]

    CA • D

    Sponsored 11/17/2021

  • Rep. Emmer, Tom [R-MN-6]

    MN • R

    Sponsored 11/17/2021

  • Rep. Swalwell, Eric [D-CA-14]

    CA • D

    Sponsored 11/17/2021

  • Rep. Davidson, Warren [R-OH-8]

    OH • R

    Sponsored 11/17/2021

  • Rep. Soto, Darren [D-FL-9]

    FL • D

    Sponsored 11/17/2021

  • Rep. Gonzalez, Anthony [R-OH-16]

    OH • R

    Sponsored 11/17/2021

  • Sen. Budd, Ted [R-NC]

    NC • R

    Sponsored 11/17/2021

  • Rep. Bost, Mike [R-IL-12]

    IL • R

    Sponsored 11/18/2021

  • Rep. Schweikert, David [R-AZ-1]

    AZ • R

    Sponsored 12/1/2021

  • Rep. Donalds, Byron [R-FL-19]

    FL • R

    Sponsored 12/14/2021

  • Rep. Auchincloss, Jake [D-MA-4]

    MA • D

    Sponsored 1/11/2022

  • Rep. Hill, J. French [R-AR-2]

    AR • R

    Sponsored 1/18/2022

  • Rep. Timmons, William R. [R-SC-4]

    SC • R

    Sponsored 2/1/2022

  • Rep. Steil, Bryan [R-WI-1]

    WI • R

    Sponsored 2/7/2022

  • Rep. Murphy, Gregory F. [R-NC-3]

    NC • R

    Sponsored 2/8/2022

  • Rep. Walorski, Jackie [R-IN-2]

    IN • R

    Sponsored 2/15/2022

  • Rep. Joyce, David P. [R-OH-14]

    OH • R

    Sponsored 3/17/2022

Roll Call Votes

No roll call votes available for this bill.

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