Ohio Bill - Preventing State Taxes on Crypto Payments

Ohio has recently introduced a bill aimed at preventing the state from imposing additional taxes on digital assets when used for payments. This legislation, known as House Bill 116 or the "Ohio Blockchain Basics Act," was introduced by Representative Steve Demetriou and co-sponsored by several other representatives.

The bill prohibits the state from enacting laws that impose fees, taxes, assessments, or other charges on digital assets used as payment for goods and services. However, regular taxes like state or sales taxes still apply to these transactions.

The bill defines "digital assets" as cryptocurrencies, stablecoins, and non-fungible tokens (NFTs).

It ensures residents' rights to self-custody their digital assets using hardware or self-hosted wallets. Residential mining is permitted if local zoning laws are followed, while industrial mining is allowed in designated zones.

The bill requires Ohio's state retirement funds to evaluate the risks and benefits of investing in crypto ETFs and report back to the General Assembly within a year.

Another bill, introduced by Senator Niraj Antani in September, proposes that Ohio accept crypto for state taxes and fees.

Senator Sandra O'Brien introduced a bill to create an "Ohio Bitcoin Reserve Fund," which would allow Ohioans to pay taxes in crypto and invest the funds in Bitcoin for a five-year period.

These legislative efforts highlight Ohio's proactive stance on crypto regulation and integration into the state's financial systems.

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