Multistate – Virtual Currency And Sales Tax

SALT Report 3329 – On April 8, 2014 congressman Steve Stockman introduced the “Virtual Currency Tax Reform Act”.  The IRS deemed virtual currencies (Bitcoin) as property requiring capital gains reporting.  This Act is intended to change the status of virtual currency from property to currency.  Stockman also apparently accepted Bitcoin campaign donations.

“This legislation would instead require Americans to pay sales taxes on virtual currency transactions, a more proper way of taxing such transactions.”

“This is a nascent industry. Along with 3-D printers and nanotubes, cryptocurrency is the future. We need to encourage it, not discourage it. There is risk associated with every budding industry in America.”

For Further Information:

Stockman plans to introduce the “Virtual Currency Tax Reform Act”

Congressman Steve Stockman