'Cryptocurrency Tax Exemption Act' Passes Ohio House…Applies to Transactions Under $200

JOON HYOUNG LEE

Summary

It was reported that the Ohio House passed the Blockchain Basic Law, which includes a capital gains tax exemption for cryptocurrency transactions under $200.
The bill also states that there is a provision prohibiting the imposition of additional taxes and fees when using cryptocurrency for legal services.
Ohio is actively reviewing related bills to promote the cryptocurrency and digital asset industry.

A bill granting tax benefits for cryptocurrency transactions has passed the Ohio House.

According to The Block on the 19th (local time), Ohio's Blockchain Basic Law (HB116) passed the Ohio House with 70 votes in favor and 26 against. One of the main provisions of the Blockchain Basic Law is the exemption of 'capital gains tax' on cryptocurrency transactions under $200. The bill

also prohibits local governments from imposing additional fees and taxes on individuals using cryptocurrency for legal services.

Ohio is actively reviewing cryptocurrency-related bills at the state government level. Steve Demetriou, a member of the Ohio House of Representatives, stated, "It is important for the blockchain and digital asset industry to be able to succeed in Ohio."

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