Legislation led on June 8 by U.S. Rep. Mike Kelly (R-PA) would allow Americans to use digital assets to make donations to their charities of choice.
“As more Americans begin to use digital assets, such as cryptocurrencies, it’s important to modernize the way Americans can donate to causes and organizations that matter to them,” Rep. Kelly said. “This change will enable more Americans to support churches, charities, and nonprofits that serve the most vulnerable.”
The congressman, who is chairman of the U.S. House Ways and Means Subcommittee on Tax, introduced the Charitable Deductions for Digital Asset Donations Act, H.R. 9173, to allow for digital assets to be eligible for charitable contributions.
Simply advancing parity and neutrality for digital assets would modernize the tax code, he said, reduce administrative burdens, and encourage greater charitable giving.
Specifically, H.R. 9173 would exempt digital asset donations from the qualified appraisal requirements if the donated property meets certain criteria designed to ensure that the value of the donation can be determined based on reliable market prices, according to a bill summary provided by Rep. Kelly’s office.
The measure has been referred for consideration to the U.S. House Ways and Means Committee.