Minnesota Representative to Reintroduce Hard Fork Tax Reform Bill

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Minnesota Congressional Representative Tom Emmer has announced plans to reintroduce a bill meant to “provide temporary safe harbor for the tax treatment of hard forks of convertible virtual currency in the absence of administrative guidance.”Representative Emmer participated in a panel on the relationship between government and the crypto industry at Consensus 2019 on May 13, 2019, wherein he first announced an attempt to continue the fight for his hard fork bill. Joined by industry leaders and government personalities, Emmer publicly acknowledged the sort of limbo that crypto holders find themselves in when one of their cryptocurrency holdings undergoes a hard fork. When a coin forks in such a way, tax agencies currently have grounds to consider the new “forkcoin” assets as undeclared income.The first iteration of this bill was introduced by Emmer in September 2018, when it was immediately transferred over to the jurisdiction of the House Committee on Ways…

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