Ohio is taking steps to simplify the use of cryptocurrency by proposing a tax exemption for small capital gains up to $200.
Contents of the Bill
The bill received unanimous approval (13-0) from the House Technology and Innovation Committee and now heads to the Ohio Senate for final consideration. At the heart of the bill is a $200 state-level capital gains tax exemption for cryptocurrency transactions. Known as the “de minimis” exemption, this provision aims to eliminate the need for Ohio residents to report small capital gains from minor crypto purchases—such as buying coffee, tipping online, or making micro-payments.
Benefits for Cryptocurrency Usage
By removing this administrative burden, the legislation is expected to encourage everyday crypto use and remove a key barrier to adoption. Supporters argue that the measure will make digital assets more practical in daily life, reducing friction for both consumers and businesses.
Next Steps for the Bill
If passed by the Senate and signed into law, Ohio would become one of the first U.S. states to implement a de minimis exemption for crypto, providing regulatory clarity and practical tax relief to its residents.
With the introduction of the tax exemption for small cryptocurrency transactions, Ohio could set a precedent for other states looking to integrate cryptocurrency into their economies.
