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The Ohio House of Representatives passed the Crypto Assets Rights Bill, exempting $200 in taxes.
Gate News bot news, last Wednesday, the Ohio House passed Bill No. 116, the Blockchain Foundation Act, with a vote of 68 in favor and 26 against. The bill will exempt up to $200 of Capital Gains Tax on digital assets and protect the use of hosted wallets and crypto mining businesses. If the bill is passed, it will prohibit state and local governments from restricting digital asset payments.
The bill also allows for home crypto mining within the limits permitted by local regulations, as well as industrial mining in designated areas.
The bill was initiated by Representative Steve Demetriou and reflects Ohio's commitment to embracing Blockchain innovation. Previously, Kentucky also passed similar legislation, highlighting Ohio's aspiration to become a national leader in Blockchain regulation.