Ohio has enacted a new bill aimed at simplifying the use of Bitcoin in everyday life by exempting small transactions from capital gains tax.
Ohio and Cryptocurrencies
Ohio has taken a significant step toward crypto adoption by passing the Blockchain Basics Act (HB 116). This bill exempts Bitcoin transactions under $200 from state capital gains tax. The bill was unanimously approved by the House Technology Committee with a 68-26 vote, demonstrating strong bipartisan support.
Benefits of the New Bill
The new bill provides Ohio residents with a tax break on small, everyday Bitcoin transactions. It means you won’t need to track or report capital gains when spending Bitcoin under $200, removing one of the biggest barriers to using crypto for regular purchases.
Future of HB 116 and Its Impact
The bill HB 116 has now moved to the Ohio Senate. If approved there, it will go to the Governor’s desk for final sign-off. Given the wide support, experts say the bill has a strong chance of becoming law soon. This move aligns with a growing number of initiatives to adopt Bitcoin in various U.S. states.
Ohio is taking bold steps to embrace Bitcoin and make it easier for residents to utilize it in everyday life. These measures may inspire other states to implement similar initiatives.
