{"id":15034,"date":"2025-02-26T07:01:32","date_gmt":"2025-02-26T07:01:32","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=15034"},"modified":"2025-02-26T07:01:32","modified_gmt":"2025-02-26T07:01:32","slug":"ohio-proposes-bill-to-prevent-additional-state-taxes-on-crypto-payments","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=15034","title":{"rendered":"Ohio Proposes Bill To Prevent Additional State Taxes On Crypto Payments"},"content":{"rendered":"
\n

Lawmakers in the Ohio House of Representatives proposed a bill to prevent extra taxes on crypto payments and address mining, staking, and regulation of digital assets and investments by the state retirement systems.<\/p>\n

Lawmakers Introduce \u2018Ohio Blockchain Basis Act\u2019<\/h2>\n

On Monday, Ohio lawmakers introduced<\/a> the \u201cOhio Blockchain Basis Act,\u201d or House Bill 116 (HB116), to amend the existing legislation and prevent state and local governments from imposing additional taxes on crypto assets used as a payment method.<\/p>\n

Sponsored by Representative Steve Demetriou and co-sponsored by Tex Fischer, Brian Lorenz, Ty D. Mathews, Riordan McClain, and Josh Williams, Bill 116 aims to prevent the General Assembly from enacting \u201ca bill that proposes to impose a fee, tax, assessment, or other change on digital assets used as a method of payment for goods and services.\u201d<\/p>\n

\"crypto\"<\/p>\n

If passed, HB116 would still allow fees, taxes, assessments, or other charges that usually apply to legal tender transactions on crypto transactions.<\/p>\n

It also mandates that no political subdivision or state agency could prohibit Ohio residents from accepting digital assets as payment<\/a> for goods and services or restrict them from custodying their crypto assets using hardware or self-hosted wallets.<\/p>\n

Under the proposed bill, individuals are not required to have a money transmitter license to engage in crypto mining, staking, or exchanging a crypto asset for another digital asset, while businesses offering mining or staking services won\u2019t be \u201cconsidered to be offering a security or investment contract.\u201d<\/p>\n

Moreover, the state retirement<\/a> funds will be required to evaluate the potential risks and benefits of investing in crypto exchange-traded funds (ETFs) and write a report for the General Assembly within a year.<\/p>\n

Ohio Continues Crypto Legislation Efforts<\/h2>\n

This move follows other similar proposals from Ohio lawmakers, including former Ohio state senator Niraj Antani\u2019s proposed Senate Bill 317 last September.<\/p>\n

If passed, the bill would have required the state to accept digital assets for state taxes and fee payments and allowed state institutions and pension funds to invest in digital assets. However, according to LegiScan, the bill only progressed 25% before dying in Committee.<\/p>\n

Moreover, Ohio State Representative Derek Merrin\u00a0introduced<\/a> a bill in December to create a BTC reserve within the state treasury.<\/p>\n

The \u201cOhio Bitcoin Reserve Act,\u201d or House Bill 703, aimed to establish a dedicated fund within Ohio\u2019s treasury and provide the State Treasurer with a legal framework that allows them to purchase and hold BTC.<\/p>\n

Most recently, Ohio Senator Sandra O\u2019Brien introduced Senate Bill 57, a second<\/a> bill to allow the state to invest in Bitcoin and create the \u201cOhio Bitcoin Reserve Fund.\u201d If passed, the proposed legislation will require the state\u2019s Bitcoin investments to be held for five years.<\/p>\n

The State Senator asserted<\/a>, \u201cThe crypto world is here, and Ohio needs to be a leader. Crypto will be a major part of President Trump\u2019s term. When his working group issues recommendations, Ohio will be ready.\u201d<\/p>\n

\"Crypto,<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Lawmakers in the Ohio House of Representatives proposed a bill to prevent extra taxes on crypto payments and address mining, staking, and regulation of digital assets and investments by the state retirement systems. Lawmakers Introduce \u2018Ohio Blockchain Basis Act\u2019 On Monday, Ohio lawmakers introduced the \u201cOhio Blockchain Basis Act,\u201d or House Bill 116 (HB116), to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-15034","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/15034","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15034"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/15034\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}