Ohio has passed HB 116, exempting Bitcoin payments below $200 from state capital gains tax. This initiative supports cryptocurrency usage and establishes legal clarity for the industry.
New Bitcoin Tax Law
HB 116, approved by Ohio's legislature, will exempt Bitcoin payments under $200 from capital gains tax. The legislative effort was led by Republican Representative Steve Demetriou in Columbus.
Support and Bill Implications
The legislation, supported by Dennis Porter, CEO of Satoshi Action Fund, was praised for making Bitcoin a more practical medium of exchange. "It makes it easier for people to use Bitcoin as a practical medium of exchange, not just an investment asset," he stated.
Impact on Economy and Technology
The bill also provides legal protections for digital asset mining and node operations, encouraging cryptocurrency activities. As a result, Ohio is set to become more attractive for businesses involved in blockchain technologies, leading to an increase in innovations in this area.
The passage of HB 116 could lead to positive changes in Ohio's economy and help create a regulatory framework for the growth of the cryptocurrency industry.
