To amend the Internal Revenue Code of 1986 to allow the payment of certain Federal taxes with bitcoin.

Bill: 118-hr-8822
Sponsor: full_name: Rep. Gaetz, Matt [R-FL-1]
Introduced: 2024-06-25
Policy area: Taxation
Latest action: action_date: 2024-06-25
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2024-06-25
action_desc: Introduced in House
text: <p>This bill requires the Department of the Treasury to develop and implement a method to allow for payment of certain excise taxes with bitcoin.&nbsp;It also authorizes Treasury to enter into contracts to obtain services with payment by bitcoin.&nbsp;</p>

tv_txt: I 118th CONGRESS 2d Session H. R. 8822 IN THE HOUSE OF REPRESENTATIVES June 25, 2024 Mr. Gaetz (for himself, Mrs. Luna , and Mr. Donalds ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to allow the payment of certain Federal taxes with bitcoin.

1. Payment of certain taxes by bitcoin (a) In general Subchapter B of chapter 64 of the Internal Revenue Code of 1986 is amended by inserting after section 6316 the following new section: 6316A. Payment of certain taxes by bitcoin (a) In general The Secretary shall develop and implement a method to allow for the payment with bitcoin of any tax imposed on an individual under this title. (b) Regulations The Secretary shall prescribe such regulations as the Secretary deems necessary to receive payment by bitcoin, including regulations that— (1) specify when payment by such means will be considered received, (2) require the immediate conversion of any bitcoin amount received to its dollar equivalent at the conclusion of any transaction, (3) identify types of nontax matters related to payment by such means that are to be resolved by persons ultimately liable for payment and financial intermediaries, without the involvement of the Secretary, and (4) ensure that tax matters will be resolved by the Secretary, without the involvement of financial intermediaries. (c) Authority To enter into contracts (1) In general The Secretary is authorized to enter into contracts to obtain services related to receiving payment by bitcoin. (2) Fees Rules similar to the rules of paragraph (2) of section 6311(d) shall apply, determined without regard to the first sentence of such paragraph. (d) Ultimate liability; liability of banks; confidentiality Rules similar to the rules of subsections (b), (c), and (e) of section 6311 shall apply. . (b) Clerical amendment The table of sections for subchapter B of chapter 64 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 6316 the following new item: Sec. 6316A. Payment of certain taxes by bitcoin. . (c) Effective date The amendment made by this section shall apply to payments made after the date which is one year after the date of the enactment of this Act.