Ohio Crypto Bill Passes, Grants Bitcoin Tax Exemption on Payments Under $200
Highlights
- Ohio advances bill offering state-level tax exemption on Bitcoin purchases.
- The bill guarantees the right to mine and self custody Bitcoin.
- Many Bitcoin bills are inching toward passage across the U.S.
Ohio has passed a landmark digital asset bill, granting a tax exemption for Bitcoin payments under $200. The passage comes amid a series of legislative victories for the crypto industry in the U.S., as the adoption race intensifies.
Ohio Passes Bitcoin Tax Exemption Bill for Payments Under $200
The U.S. state of Ohio is moving closer to fully embracing Bitcoin and other cryptocurrencies with the passage of a new bill. According to reports, the bill (HB 116), dubbed the “Bitcoin Rights” bill, has passed the House with full bipartisan support.
The bill seeks to protect self-custody and node-running rights for Bitcoin miners, while establishing a “de minimis” exemption for Bitcoin transactions. A community reading of the bill reveals that all Bitcoin purchases under $200 will be exempt from state-level capital gains tax.
This provision eliminates the need to track taxes on small, everyday Bitcoin transactions, which could help boost adoption. Last week, U.S. Senator Cynthia Lummis called on Congress to reform existing crypto tax laws, arguing that Bitcoin is unfairly targeted.
The Satoshi Action Fund praised the legislation as one of the “strongest Bitcoin rights bills” to pass through the legislative process.
HB 116 will now move to the Ohio Senate. If approved, it will head to the Governor’s desk for final assent. Given its broad bipartisan backing, analysts believe the bill has a strong chance of becoming law.
A Wave of Bitcoin Bills Gains Momentum Across the U.S.
As HB 116 progresses through Ohio’s legislature, other Bitcoin-related bills are advancing in various U.S. states. In Ohio, two additional bills aim to establish a state-level Strategic Bitcoin Reserve.
The state is looking to follow in the footsteps of Arizona and New Hampshire, which have already introduced similar reserve initiatives. Meanwhile, Texas, Florida, and Montana are also moving forward with proposals to create state-level Strategic Bitcoin Reserves.
At the federal level, U.S. Representative Tim Burchett has introduced a bill that seeks to enshrine President Donald Trump’s executive order establishing a Strategic Bitcoin Reserve into law.
Across the Atlantic, Ukraine is taking steps to establish its own national Strategic Bitcoin Reserve, while Pakistan is exploring a similar initiative.
Most recently, the U.S. Senate passed the GENIUS Act in a historic vote, a move that is expected to reshape the future of cryptocurrencies in the country.
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