Reading Time: 2 minutes
by
Evan Ezquer
on
January 13, 2021 Regulation
On Jan 8, two legislators in Kentucky have recently submitted a bill that aims to make the US state a very attractive option for cryptocurrency miners in the form of tax breaks.
Kentucky Crypto Mining Bill
The proposal was submitted to the General Assembly, which would see Bitcoin and other cryptocurrency miners enjoy some tax exemptions. The legislators of the bill are Republican lawmakers, Steven Rudy and Chris Freeland, who referred to the bill as:
“AN Act relating to the taxation of the commercial mining of cryptocurrency.”
The thirteen-page document would see miners enjoy 6% sales taxes and 6% excise tax exemptions on tangible personal mining property being directly used, as well as electricity being consumed, for the purpose of mining cryptocurrency commercially. Additional leverage would also be added for these miners especially when it comes to power and energy use.