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by
Anthonia Isichei
on
March 4, 2021 Regulation
Lawmakers in the U.S. state of Kentucky recently approved a bill that would exempt cryptocurrency miners from paying taxes.
Crypto Mining Tax Exemption Bill Receives Majority Support
According to local news outlet the
Lexington Herald-Leader on Tuesday (Mar. 2, 2021), the House Budget committee of the Kentucky General Assembly approved Bill 230, which sought to remove taxes on electricity purchased for commercial cryptocurrency mining activities.
The bill saw a vote of 19-to-2, which meant that lawmakers were in favor of the proposal. Meanwhile, the purpose of the tax exemption is to attract crypto miners to the state and encourage the growth of the industry.