In line with a recent ‘official press-release‘ published, U.S. Congress representative ‘Tom Emmer’ has reintroduced his Safe Harbor for Taxpayers with Forked Assets bill.
The reintroduced version of this bill seems to have been published earlier on 3rd July, as per the date written on the ‘documents‘.
Emmer primarily proclaimed his plans for the Forked Assets bill earlier in last year as a means to further simplify tax laws referring to assets based on ‘blockchains‘ with hard-forks.
A hard-fork on a blockchain divides the chain into 2, with one path following the protocol and another path branching with different options. The new path is incompatible with the original blockchain, and doesn’t regard its prior ratified transactions as valid.
Emmer supposedly introduced the bill so as to foster blockchain business growth within the U.S. by loosening the burden on businesses to figure out relevant tax laws. In Emmer’s own words, “taxpayers can solely comply with the law when the law is clear.”
Worth outlining is that The Safe Harbor bill isn’t meant to eliminate taxes on a hard-forked blockchain. Instead, the bill aims to offer a secure harbor to investors who don’t properly account for a hard-fork in calculating their tax returns.
As ‘reported‘ earlier, congressman Emmer additionally recently reintroduced the bill to “offer a secure harbor from licensing and registration for certain non-controlling ‘blockchain‘ developers and providers of blockchain services” earlier in the month of January.
Also in April, Congress representatives named Warren Davidson and Darren Soto – a co-sponsor of the foregoing licensing and registration bill – moved to re-introduce the ‘Token Taxonomy Act’. This bill would exclude ‘crypto‘ assets from security laws, and would similarly aim to simultaneously clarify and simplify restrictive compliance for blockchain-based businesses.