HR 1414 United States House · 118th Congress

Keep Innovation in America Act

HR 1414, the Keep Innovation in America Act, clarifies the definition of "broker" under tax law to include entities facilitating digital asset sales at customer direction, directly affecting digital asset exchanges and platforms. It defines "digital asset" as value recorded on a secure ledger and requires brokers to report certain transactions involving digital assets starting in 2025. The bill also mandates a Treasury study on treating digital assets as "cash" under specific tax rules, analyzing privacy, innovation, and competitiveness impacts. These changes aim to align tax reporting with digital asset technology while avoiding burdens on non-broker developers like miners or validators.

Bill status in committee 1 of 4 stages cleared

Introduction

Mar 2023

Committee Review

Floor Vote

President

Introduced Mar 7, 2023 Last action Mar 7, 2023

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Committee

Mar 7, 2023

Committee

Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

lower

Mar 7, 2023

Introduced

Introduced in House

lower

1 primary · 11 co-sponsors