Congressman Warren Davidson Introduces Bitcoin For America Act, Proposes Federal Tax Free Payments in Bitcoin

Representative Warren Davidson (R-OH) introduced the Bitcoin For America Act, which proposes allowing Americans to pay federal taxes using Bitcoin (BTC). All proceeds would be deposited into a newly created Strategic Bitcoin Reserve (SBR). Davidson stated this move strengthens the nation's financial foundation by acquiring an appreciating asset unlike the inflationary U.S. dollar, and helps the U.S. compete globally as other nations accumulate Bitcoin. The bill specifies that BTC transferred for tax payments would satisfy liabilities without recognizing capital gains, with the value credited based on the fair market value at the time of transfer. The legislation also mandates robust custody measures for the SBR, including cold storage, and dictates that deposited BTC must be held for at least 20 years. Furthermore, Davidson emphasized the bill is opt-in and supports sound money principles by separating money from the state, potentially expanding financial access to unbanked populations.

(Source：Bitcoin Magazine)