US House Proposes Tax-Free Treatment for Network Fees Under $10

The US House has released a virtual asset tax proposal that excludes network fees under $10 from taxable income, according to reports. Bitcoin.com News reported that Jason Smith, Chairman of the House Ways and Means Committee, unveiled a 114-page bill draft late on June 14. The legislation specifies that network transaction fees below $10 will not be subject to taxation. Bitcoin.com News also noted the bill is scheduled for committee review on June 16.