The State of Kentucky in the United States of America is considering offering tax benefits to Bitcoin or cryptocurrency miners while giving them breaks in sales taxes. And the lawmakers of the state plan to do this through a proposed bill which has already been proved.
Crypto Miners In Kentucky State Will Have Tax Breaks
Now, cryptocurrency miners in the State of Kentucky in the United States will be given tax breaks. Reportedly, a bill has been approved by the lawmakers of the state that will seek to provide digital currency miners with breaks on sales tax.
Known as House 23 bill, it would provide Bitcoin (BTC) miners with tax advantages. During a specific period of time, cryptocurrency miners will be free from paying the usual tax. As per this bill, they will not be liable to pay a sales tax of up to 6 percent on power consumption in this American state.
The particular time period during which BTC miners are not subject to pay taxes ranges from the 1st of July 2021 to the 30th of June 2025. Setting up a shop in the Kentucky state is what these BTC miners will be seeking to do as they find the new law very appealing to them. Also, it would not be wrong to call bills of electricity one of the largest expenses for the major mining companies that work on a larger scale.
It is not, however, the only bill that has been proposed in this state, but lawmakers are also considering another bill known as Senate Bill 255 and aim to pass it. The main purpose of this second-proposed bill will be to offer extra tax incentives to those mining companies whose minimum capital investment is a million dollars.
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