A new tax-related law, which looked to exclude the gain or loss of crypto establishments and others of the same kind, has reportedly been proposed to the US House of Representative.

The new bill – called “Virtual Value Tax Fix Act of 2019” – was previously proposed by Rep. Ted Budd (NC-R) half a month ago (July 25) and was referred to the Committee on Ways and Means, which specifically aims to introduce the changes made to the Internal Revenue Code of 1986, which states: 

“No gain or loss shall be recognized on the exchange of real property held for productive use in a trade or business or for investment if such real property is exchanged solely for real property of like kind which is to be held either for productive use in a trade or business or for investment.”

The bill is trying to change the way “the exchange of virtual currency for virtual currency of like kind” are current viewed as, hoping to have them treated with the same attitude as “the exchange of real property for real property of like kind.”

Should the bill passed and widely applied, digital currencies will be exempted from double taxation, as applied under the Internal Revenue Code. 

Back in July, Tom Emmer – one of US Congressman – has reportedly brought back his Safe Harbor for Taxpayers with Forked Assets bill, in an attempt to enhance the development of the US blockchain scene, by partly relieve crypto firms of restraints in determining related tax regulations.