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Kentucky Bitcoin mining tax exemption clears committee hurdle

Bitcoin is entering a new phase of adoption as states and countries compete to pull the booming business of bitcoin within their borders. Wyoming and parts of Florida have also signaled their desire to attract the cryptocurrency industry through the passage of "crypto-friendly" laws and regulations.

Every state legislature should be considering, among other potential incentives, whether a short term tax exemption is worth the potential long term funding to be secured by facilitating this bourgeoning industry that is still very much in its early days.

The ratification of this bill would mean that commercial bitcoin miners in Kentucky would enjoy exemptions from paying a 6 percent sales tax and 6 percent excise tax on tangible personal property (such as mining rigs) that is directly used in the process as well as the electricity used


insights, jacoutot_bryan, bitcoin