Key Highlights:
Ohio’s HB 116 allows tax-free $BTC payments under $200.
Bill protects self-custody, mining, and node operations.
Unanimous 13-0 vote signals strong bipartisan support.
Ohio is making waves in the crypto world with the passage of the Ohio Blockchain Basics Act (HB 116), a bold legislative move that positions the state as a leader in digital asset innovation. The bill introduces a tax exemption for Bitcoin payments under $200 and enshrines key rights for crypto users and businesses.
Empowering Everyday Bitcoin Use
One of the bill’s standout features is the “de minimis” exemption, which removes capital gains tax on $BTC transactions under $200. This change could dramatically boost crypto adoption by making small, everyday purchases with $BTC more practical and tax-efficient. The exemption will also adjust annually for inflation, ensuring long-term relevance.
Protecting the Crypto Ecosystem
Beyond tax relief, HB 116 safeguards the rights of individuals to self-custody their digital assets and operate mining rigs or blockchain nodes without excessive regulation. It also prevents local governments from imposing their own crypto-related taxes or restrictions, creating a more unified and innovation-friendly environment.
With this legislation, Ohio joins a growing list of U.S. states embracing crypto-forward policies. As competition heats up to attract blockchain businesses and infrastructure, Ohio’s proactive stance could set a precedent for others to follow.
