Infrastructure Bill To Be Signed By President Biden Includes Tax Provision Concerning To Cryptocurrency Community

Infrastructure Bill To Be Signed By President Biden Includes Tax Provision Concerning To Cryptocurrency Community
US Capitol by Matt Wade is licensed under flickr Attribution-ShareAlike 2.0 Generic (CC BY-SA 2.0)
On Friday, the House of Representatives passed a $1.2 trillion infrastructure bill in a 228-206 vote, sending the legislation to President Joe Biden for his signature.

The bipartisan infrastructure bill contains a cryptocurrency tax reporting requirement.

The Infrastructure Investment and Jobs Act would put $550 billion of new funding into transportation projects, the utility grid, and broadband. Including $110 billion for roads, bridges, and other major projects, along with $66 billion for passenger and freight rail and $39 billion for public transit.

There is a component within the bill for the crypto industry that seeks to expand the definition of a broker for IRS purposes. 
 
US Capitol by Matt Wade is licensed under flickr Attribution-ShareAlike 2.0 Generic (CC BY-SA 2.0)

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