Ohio has passed a landmark digital asset bill, granting Bitcoin tax exemption for payments under $200. The passage comes amid a streak of legislative wins from the cryptocurrency industry in the US as the adoption race intensifies.
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Ohio Passes Bitcoin Tax Exemption Bill Payments Less Than $200
The US State of Ohio is inching toward a full embrace of Bitcoin and other cryptocurrencies with the passage of a new bill. According to a report, the bill (HB 116), dubbed the Bitcoin Rights bill, has sailed through a House vote with full bipartisan support.
The bill seeks to protect self-custody and node running rights for Bitcoin miners while establishing a “de minimis” exemption on Bitcoin transactions. A community reading of the bill reveals a tax exemption for all Bitcoin purchases under $200 from state-level capital gains tax.
The provision eliminates the requirement of tax tracking for simple transactions made with Bitcoin, improving adoption rates. Last week, US Senator Cynthia Lummis urged Congress to modify existing cryptocurrency tax rules, noting that Bitcoin is unfairly targeted.
The Satoshi Action Fund hailed the bill as one of the “strongest Bitcoin rights bills” to scale through the legislative process.
HB 116 will now proceed to the Ohio Senate, and if passed, it will head to the Governor’s desk for final assent. Pundits say the chances of HB 116 scaling through the rest of the legislative process are sky-high given its strong bipartisan support.
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A Raft Of BTC Bills Gain Steam Across The US
While HB-116 canters through the legislative process, other Bitcoin-themed bills are picking their way across US legislatures. In Ohio, there are two bills seeking to create a state-level Strategic Bitcoin Reserve in the state.
Ohio is keen on mirroring Arizona and New Hampshire to pass their own Strategic Bitcoin Reserve. At the moment, Texas, Florida, and Montana are making advances with their proposals to roll out state-level Strategic Bitcoin Reserves.
On the national stage, US Rep. Tim Burchett has proposed a bill to convert President Donald Trump’s executive order for a Strategic Bitcoin Reserve into law. On the other side of the Atlantic, Ukraine is making inroads to set up a national Strategic Bitcoin Reserve with Pakistan exploring the offering.
Recently, the Senate passed the GENIUS Act in a historic vote tipped to change the landscape for cryptocurrencies in the US.
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Ohio Crypto Bill Passes, Grants Bitcoin Tax Exemption On Payments Under $200
Ohio has passed a landmark digital asset bill, granting Bitcoin tax exemption for payments under $200. The passage comes amid a streak of legislative wins from the cryptocurrency industry in the US as the adoption race intensifies.
Advertisement
Advertisement
Ohio Passes Bitcoin Tax Exemption Bill Payments Less Than $200
The US State of Ohio is inching toward a full embrace of Bitcoin and other cryptocurrencies with the passage of a new bill. According to a report, the bill (HB 116), dubbed the Bitcoin Rights bill, has sailed through a House vote with full bipartisan support.
The bill seeks to protect self-custody and node running rights for Bitcoin miners while establishing a “de minimis” exemption on Bitcoin transactions. A community reading of the bill reveals a tax exemption for all Bitcoin purchases under $200 from state-level capital gains tax.
The provision eliminates the requirement of tax tracking for simple transactions made with Bitcoin, improving adoption rates. Last week, US Senator Cynthia Lummis urged Congress to modify existing cryptocurrency tax rules, noting that Bitcoin is unfairly targeted.
The Satoshi Action Fund hailed the bill as one of the “strongest Bitcoin rights bills” to scale through the legislative process.
HB 116 will now proceed to the Ohio Senate, and if passed, it will head to the Governor’s desk for final assent. Pundits say the chances of HB 116 scaling through the rest of the legislative process are sky-high given its strong bipartisan support.
Advertisement
Advertisement
A Raft Of BTC Bills Gain Steam Across The US
While HB-116 canters through the legislative process, other Bitcoin-themed bills are picking their way across US legislatures. In Ohio, there are two bills seeking to create a state-level Strategic Bitcoin Reserve in the state.
Ohio is keen on mirroring Arizona and New Hampshire to pass their own Strategic Bitcoin Reserve. At the moment, Texas, Florida, and Montana are making advances with their proposals to roll out state-level Strategic Bitcoin Reserves.
On the national stage, US Rep. Tim Burchett has proposed a bill to convert President Donald Trump’s executive order for a Strategic Bitcoin Reserve into law. On the other side of the Atlantic, Ukraine is making inroads to set up a national Strategic Bitcoin Reserve with Pakistan exploring the offering.
Recently, the Senate passed the GENIUS Act in a historic vote tipped to change the landscape for cryptocurrencies in the US.
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