Bills › 88th General Assembly
Relating to the taxation of virtual currencies, and including retroactive applicability provisions
Topics:TaxesCryptocurrency
Where it is now
- Done: IntroducedFebruary 6, 2019
- Done: SubcommitteeFebruary 6, 2019
- Stopped: House committeeDied when the General Assembly ended
- Next: Passes the House
- Next: Senate committee
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2020 session adjourned on June 14, 2020, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
This bill relates to the taxation of virtual currencies. The bill defines “virtual currency” to mean a type of unregulated, digital money, which is issued and usually controlled by its developers, and used and accepted as a medium of exchange, but does not have legal tender status as recognized by the United States. The bill exempts virtual currencies from individual, corporate, franchise, sales and use, and inheritance taxes. The bill strikes a reference to “virtual currency” in Code section 423.14A(1)(b)(1)(b)(v) relating to the responsibility of a “marketplace facilitator” to collect sales tax when purchasers of tangible personal property, services, or digital products use virtual currency. The bill applies retroactively to January 1, 2019, for tax years beginning on or after that date.
House subcommittee
Named January 22, 2020. It hasn’t reported yet.
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part