Senators Lummis and Moreno Propose Crypto Tax Relief Plan

US senators Cynthia Lummis and Bernie Moreno have introduced a legislative proposal aimed at easing the tax burden on corporations holding digital assets. The plan targets the Corporate Alternative Minimum Tax (CAMT), which currently requires firms to pay taxes on unrealized crypto gains due to a recent accounting rule change.

Enacted as part of the 2022 Inflation Reduction Act, CAMT mandates that corporations with annual revenues exceeding $1 billion pay a minimum 15% tax rate. The senators argue this provision puts US digital asset firms at a competitive disadvantage globally.

"Our edge in digital finance is at risk if U.S. companies are taxed more than foreign competitors," Senator Lummis stated in a recent tweet. The proposal seeks to create what the lawmakers describe as "a level playing field" for American firms in the burgeoning digital asset sector.