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Ohio House Passes ‘Bitcoin Rights’ Bill with $200 Tax Exemption for Crypto Users
- The Ohio House passed a 'Bitcoin Rights' bill with a key provision of a $200 capital gains tax exemption for cryptocurrency transactions.
- The bill received unanimous approval from the House Technology and Innovation Committee and now moves to the Ohio Senate for final consideration.
- The $200 tax exemption is aimed at eliminating the need for reporting small capital gains from minor crypto purchases, making it easier for Ohio residents to use cryptocurrencies for everyday transactions like buying coffee or making online payments.
- Supporters believe that this provision will boost the practicality of digital assets in daily life, benefitting both consumers and businesses by reducing friction.
- The bill could set a precedent for other states looking to integrate Bitcoin and cryptocurrencies into their economies by aligning tax treatment with modern digital commerce practices.
- If approved by the Senate and signed into law, Ohio would stand as one of the first U.S. states to offer a de minimis exemption for crypto transactions, providing regulatory clarity and tax relief to its residents.
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