Bill S. 0451And, which was submitted to the Senate in Rod Island last month, allows the residents of the state and companies to form up to 10 payments in Bitcoin, whose value is estimated at less than $ 1,000 per month (or selling the equivalent amount) without being subject to capital profit taxes.
The draft law is an amendment to the current state income tax laws, and the exact language in the proposed legislation is as follows:
“Any sale of (B) ITCOIN must be exempted by an individual or work in Rod Island from the state tax if the total value of sales is less than a thousand dollars (1000 dollars) per Deim. Reducing the state tax exempt (B) does not exceed the treatment of its sales in a period of thirty (30).”
The draft law is determined by “ITCOIN” as “any transaction in which ITCOIN is sold or exchanged for another form of value, such as the fiber currency or other physical or digital assets.”
The draft law also shows that this exemption applies only at the state level and that it does not affect federal tax obligations.
Under the invoice, individuals and companies who deal with these types of bitcoin transactions exempt from taxes are responsible for keeping the records of these transactions, including the total value of sales per day, and they must be ready to provide these records to manage Road Island revenues for audit or compliance purposes.
On a chip platform prepared before Rod Island Blockchain Council This has been shared with Bitcoin magazine, Chris Beiruta, Chairman of the Board of Directors, has written that Bill S. 0451 will help reduce friction in digital asset payments.
He stated that “the current tax effects of the BTC spending hindering their benefit to the citizens of Rod Island and an economic activity.”
Beirut also pointed out that the approval of this bill will stimulate Blockchain's economic activity in the state, making Rod Island one of the states at the forefront of this technology.
Moreover, it also suggested that small companies accept bitcoin for products and services as a way to stimulate economic growth.
So far, no other American countries have provided similar bills.
On the federal level, the only draft law that suggested something similar is Lummis-GillBrand “Responsible Financial Innovation Law”Which provides a file at least Tax exemption on bitcoin transactions of $ 200.
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