Kentucky bill offers tax incentives to benefit crypto mining

The Kentucky House of Legislators passed a bill that would eliminate sales tax obligations on electricity used by cryptocurrency mining companies for such operations, he said. Coindesk.

According to the fiscal note of the aforementioned bill, it is expected that approximately USD 1 million dollars per year will cease to be received after the approval of the project. However, it was recognized that this impact could be greater as long as the standard is attractive for new entrants to the crypto mining industry.

The crypto mining business requires a large use of electrical resources, so the proposal to incentivize the cryptocurrency business in that state is correct. However, this would not be the only incentive, since a bill is also being promoted to exempt profits from cryptocurrency mining from taxes, it reported. Cointelegraph.

 

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Carlo Palomino
Bachelor from the National University of San Marcos (UNMSM). With interest in Digital Law and New Technologies. I endorse the phrase: "Knowledge is useful as it is shared." Contact: carlo.palomino19@gmail.com

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