State Proposes Tax Cuts, Mining Benefits, and Pension Fund Investments – CryptoNinjas

Key Takeaways:

• The Ohio bill seeks to stop new crypto taxes.
• The measure also endorses individuals’ rights to self-custody and crypto mining.
• Ohio pension funds could soon invest in crypto ETFs.

With the surge in cryptocurrency popularity, Ohio legislators are making strides to establish a progressive legal framework for digital assets and blockchain technology.

Could Ohio Be Crypto’s Newest Pioneer?

So why exactly is Ohio such a crypto-crazed state? Maybe state leaders see the huge possibilities this upstart industry holds in terms of spurring innovation, creating new jobs and, of course, bringing investment dollars to the state. Or maybe the intention is just to make certain that Ohio residents can use and possess their digital assets without being constrained by antiquated regulations. Whatever the intent, this legislation is a big step toward legitimizing crypto and making Ohio a national blockchain hub.

Ohio, United States

Analyzing Ohio House Bill 116

Ohio House Bill 116 (H.B. No. 116), which has been sponsored by Representative Steve Demetriou and other  legislators, is much more than a legal document. It’s a vision statement, a commitment to the future of technology, and a call to crypto businesses and investors across the world to take a look at Ohio.

Ohio Representative Steve Demetriou

Preventing “Sky-High” Taxes on Digital Assets

The law prevents the state legislature from putting taxes on digital assets when they are used as a method of payment. This allows Ohioans to buy goods and services with Bitcoin, Ethereum or any other cryptocurrency without having to worry about paying additional taxes.

The legislation specifies that taxes that already exist, like sales tax, still apply and that no special taxes unique to crypto will be instituted. This allows crypto to be treated just as transactions through the other forms of payment. This also eliminates a major barrier for businesses adopting crypto payments.

Ohio Blockchain Basics Act: The Fundamentals

Another significant element is “The Ohio Blockchain Basics Act” which states that no state agency or political subdivision shall prohibit citizens from accepting cryptocurrency as payment for goods and services. This paves the way for small businesses, restaurants, retail stores, and various organizations to adopt crypto with higher confidence and ease.

For small businesses that may have been wary of accepting crypto payments because of regulatory ambiguity, this…