Ohio's Crypto Tax Bill: A Comedy of Errors or a Genius Move? 🤔💰

In a move that can only be described as “Ohio being Ohio,” lawmakers have decided to introduce a bill that prevents the state from taxing digital assets. Yes, you heard that right! Apparently, they think taxing crypto is as useful as a screen door on a submarine. 🚪💦

Ohio House Bill 116, which sounds like a secret code for “let’s confuse everyone,” was introduced on February 24 by Representative Steve Demetriou, who, along with his merry band of co-sponsors—Tex Fischer, Brian Lorenz, Ty D. Mathews, Riordan McClain, and Josh Williams—aims to stop municipalities from slapping extra taxes on crypto. Because who doesn’t love a good tax break? 🙌

According to the bill, “The general assembly shall not enact a bill that proposes to impose a fee, tax, assessment, or other charge on digital assets used as a method of payment for goods and services.” In layman’s terms, they’re saying, “Hey, let’s keep our hands off the digital wallets, shall we?”

Now, what exactly are these “digital assets”? Well, they include cryptocurrencies, stablecoins, and non-fungible tokens—basically, all the things your tech-savvy nephew keeps talking about at family gatherings. 🎉

But don’t get too excited! The bill clarifies that while they won’t be adding new taxes, the usual suspects—state and sales taxes—will still apply. So, if you thought you could escape the taxman by paying in Bitcoin, think again! 💸

The “Ohio Blockchain Basics Act” also states that no state agency can stop you from accepting crypto as payment. So, if you want to sell your homemade cookies for Ethereum, go for it! 🍪💻

Right to Self-Custody, Crypto Mining

In a stroke of genius, the bill allows residents to keep their digital assets safe in hardware or self-hosted wallets. It’s like giving everyone a personal vault, but without the heavy lifting! And yes, you can also stake your crypto. Just don’t forget to water it! 🌱

Mining, staking, and exchanging crypto? No problem! You won’t need a “money transmission” license. It’s like the Wild West out there, folks! 🤠

And if you’re thinking about mining in your backyard, as long as you follow local zoning laws, you’re good to go! Just be prepared for your neighbors to think you’re running a secret operation. “What’s that noise? Oh, just my Bitcoin farm!” 🏡💻

Under this proposed legislation, Ohio state retirement funds will also have to evaluate the risks and benefits of investing in a crypto exchange-traded fund. Because nothing says “retirement planning” like a little crypto speculation! 📈

Ohio representatives have been busy bees with crypto-related bills lately. In September, Senator Niraj Antani introduced a bill to accept cryptocurrency for state taxes. In December, Derek Merrin proposed establishing a strategic Bitcoin reserve. And in February, Sandra O’Brien suggested creating an “Ohio Bitcoin Reserve Fund” with a five-year hodling period. Because who doesn’t love a good hodl? 🐻💎

2025-02-25 07:13

Ohio’s Crypto Tax Bill: A Comedy of Errors or a Genius Move? 🤔💰

Right to Self-Custody, Crypto Mining

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