Rhode Island Reintroduces Bitcoin Tax Exemption Bill for Second Straight Year

Rhode Island lawmakers have reintroduced Senate Bill S2021, which proposes a temporary, one-year income and capital gains tax exemption for small-scale Bitcoin transactions for residents and in-state businesses. The exemption covers Bitcoin sales or exchanges up to $5,000 per month, capped annually at $20,000. The bill defines Bitcoin based on blockchain technology and allows taxpayers to self-certify eligibility, requiring records only if audited. The legislation mandates the Department of Business Regulation to provide guidance on recordkeeping and valuation using public price indices. This exemption is set to take effect on January 1, 2027, and sunset on January 1, 2028, unless extended, as lawmakers aim to treat small digital currency use more like traditional money. Other states, like Ohio and New Hampshire, are also pursuing pro-Bitcoin initiatives, though often with different focuses.

(Source：Bitcoin Magazine)