Ohio Accepts $200 Tax-Free Cryptocurrency Transactions
The Ohio House has passed Bill 116, also known as the “Bitcoin Benefits” law. This law was unanimously voted 13-0 by the Technology and Innovation Committee and is now preparing to be presented to the Senate for final approval.
The law also provides for a $200 tax exemption on capital gains from crypto transactions at the state level. Known as the “minimum exemption,” the goal is to help Ohio residents avoid tracking and reporting taxes on small transactions, such as daily shopping or tips.
Highlights of the Bitcoin Benefits Law in Ohio
In addition to tax exemptions, the bill also adds benefits and protections for cryptocurrency investors and businesses:
Clear legal framework for Bitcoin holders and other digital assets
Protection of users' self-management of wallets
Rights to operate mining and blockchain nodes
Exemption of activities such as mining, staking, and node operation from money transmission, securities, or investment laws
These measures help encourage innovation in the blockchain and cryptocurrency sectors, reducing regulatory risks.
Government Restrictions under Ohio's Bitcoin Law
If this law takes effect, the Ohio Blockchain Infrastructure Act will:
Prohibit state and local government from restricting the use of digital assets as a means of payment
Prohibit interference with users' self-custody wallets
Prevent zoning of mining activities without proper notice
Representative Steve Demetriou emphasized:
“When this law is enacted, Ohio will become one of the few states to create a reasonable legal framework for these advanced technologies and industries.”
Potential and Prospects of the Bitcoin Law
This law is currently awaiting approval in the Ohio Senate. If passed, it will be sent to Governor Mike DeWine for final signature into law. Supporters believe that the law has a high chance of success due to its focus on innovation, personal benefits, and clear regulatory guidance—factors that help Ohio become the nation's leading cryptocurrency-friendly legal hub.
Source: https://tintucbitcoin.com/ohio-giam-thue-bitcoin-len-214k-usd/
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