Ohio House Passes Bill for $200 Tax-Free Crypto Payments
The post Ohio House Passes Bill for $200 Tax-Free Crypto Payments appeared on BitcoinEthereumNews.com. The Ohio House of Representatives has passed House Bill 116. The bill, titled the Ohio Blockchain Basics Act, received a decisive vote of 68 to 26, highlighting strong bipartisan support. This legislation exempts crypto transactions under $200 from capital gains taxes in Ohio. It also includes provisions for crypto mining operations, marking a major step toward crypto adoption on the state level. Crypto Tax Exemption Bill Clears Ohio House State Representative Steve Demetriou is the bill’s primary sponsor. HB 116 was first introduced in February. It passed the House Technology and Innovation Committee with unanimous bipartisan support in a 13-0 vote before advancing to the full House. In his remarks, Representative Demetriou stressed that the bill creates a ‘common sense regulatory framework.’ “Once we pass this bill, we will become one of the first states in the country to create a common-sense regulatory framework for these cutting-edge technologies and the industries. It’s going to show the nearly 2 million Ohioans who own digital assets, as well as entrepreneurs in the blockchain and digital asset industries, that we stand with them and that we support this growing technology and industry,” he said. The legislation’s focus on tax exemptions for small crypto transactions is particularly noteworthy. By removing capital gains taxes on transactions below $200, the bill intends to encourage the everyday use of cryptocurrencies. This could foster broader adoption among Ohio residents. “Ohio just changed the game for Bitcoin. You can spend up to $200 per transaction on anything in Ohio, without owing taxes! Imagine paying for dinner at a restaurant with Bitcoin, and not having to pay capital gains taxes. Bullish,” a trader posted. The bill also promotes self-custody by preventing state or local governments from restricting individuals’ right to accept digital assets as payment for legal goods and services.…
The post Ohio House Passes Bill for $200 Tax-Free Crypto Payments appeared on BitcoinEthereumNews.com.
The Ohio House of Representatives has passed House Bill 116. The bill, titled the Ohio Blockchain Basics Act, received a decisive vote of 68 to 26, highlighting strong bipartisan support. This legislation exempts crypto transactions under $200 from capital gains taxes in Ohio. It also includes provisions for crypto mining operations, marking a major step toward crypto adoption on the state level. Crypto Tax Exemption Bill Clears Ohio House State Representative Steve Demetriou is the bill’s primary sponsor. HB 116 was first introduced in February. It passed the House Technology and Innovation Committee with unanimous bipartisan support in a 13-0 vote before advancing to the full House. In his remarks, Representative Demetriou stressed that the bill creates a ‘common sense regulatory framework.’ “Once we pass this bill, we will become one of the first states in the country to create a common-sense regulatory framework for these cutting-edge technologies and the industries. It’s going to show the nearly 2 million Ohioans who own digital assets, as well as entrepreneurs in the blockchain and digital asset industries, that we stand with them and that we support this growing technology and industry,” he said. The legislation’s focus on tax exemptions for small crypto transactions is particularly noteworthy. By removing capital gains taxes on transactions below $200, the bill intends to encourage the everyday use of cryptocurrencies. This could foster broader adoption among Ohio residents. “Ohio just changed the game for Bitcoin. You can spend up to $200 per transaction on anything in Ohio, without owing taxes! Imagine paying for dinner at a restaurant with Bitcoin, and not having to pay capital gains taxes. Bullish,” a trader posted. The bill also promotes self-custody by preventing state or local governments from restricting individuals’ right to accept digital assets as payment for legal goods and services.…
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