HR8822-118

1. Payment of certain taxes by bitcoin Subchapter B of chapter 64 of the Internal Revenue Code of 1986 is amended by inserting after section 6316 the following new section: 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. The Secretary shall prescribe such regulations as the Secretary deems necessary to receive payment by bitcoin, including regulations that— specify when payment by such means will be considered received, require the immediate conversion of any bitcoin amount received to its dollar equivalent at the conclusion of any transaction, 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 ensure that tax matters will be resolved by the Secretary, without the involvement of financial intermediaries. The Secretary is authorized to enter into contracts to obtain services related to receiving payment by bitcoin. Rules similar to the rules of paragraph (2) of section 6311(d) shall apply, determined without regard to the first sentence of such paragraph. Rules similar to the rules of subsections (b), (c), and (e) of section 6311 shall apply. 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: 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. 6316A.Payment of certain taxes by bitcoin(a)In generalThe 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)RegulationsThe 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 generalThe Secretary is authorized to enter into contracts to obtain services related to receiving payment by bitcoin.(2)FeesRules 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; confidentialityRules similar to the rules of subsections (b), (c), and (e) of section 6311 shall apply..

6316A. Payment of certain taxes by bitcoin 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. The Secretary shall prescribe such regulations as the Secretary deems necessary to receive payment by bitcoin, including regulations that— specify when payment by such means will be considered received, require the immediate conversion of any bitcoin amount received to its dollar equivalent at the conclusion of any transaction, 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 ensure that tax matters will be resolved by the Secretary, without the involvement of financial intermediaries. The Secretary is authorized to enter into contracts to obtain services related to receiving payment by bitcoin. Rules similar to the rules of paragraph (2) of section 6311(d) shall apply, determined without regard to the first sentence of such paragraph. Rules similar to the rules of subsections (b), (c), and (e) of section 6311 shall apply.