Rhode Island proposes bill to eliminate taxes on small Bitcoin payments

Rhode Island Senator Peter Appollonio introduced Senate Bill 2021, which proposes exempting small Bitcoin transactions from state income tax for both individuals and businesses. The bill would allow sales or exchanges of up to $5,000 in Bitcoin monthly, or $20,000 annually, without state tax liability. This legislation is slated to be effective from January 1, 2027, through January 1, 2028, and encourages compliance via self-certification with record-keeping guidelines. The bill, which began review on January 9, is currently in the Senate Finance Committee. This effort aligns with Rhode Island's growing activity in digital asset policy, which includes other proposals for a Blockchain Act and a 2025 law regulating crypto ATMs.

(Source：Crypto Briefing)