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CO SB140
Bill
AI Summary
- Allows individual taxpayers and corporations to claim a state income tax deduction on gains from selling or exchanging virtual currency for non-cash items, capped at $600 per transaction for tax years beginning January 1, 2020
- Requires multiple sales or exchanges that are part of the same transaction or series of related transactions to be treated as a single sale or exchange for purposes of the $600 limit
- Defines "virtual currency" as a digital representation of value used as a medium of exchange that is not otherwise currency
- Requires the executive director of the Department of Revenue to promulgate rules for documentation related to virtual currency transactions with recognized gains or losses
- Effective 90 days after final adjournment of the general assembly, or if subject to referendum petition, upon voter approval at the November 2020 general election
Legislative Description
Income Gain On Transactions Using Virtual Currency
Last Action
Senate Committee on Finance Postpone Indefinitely
2/26/2019
Committee Referrals
Finance2/13/2019
Full Bill Text
No bill text available