Oklahoma joins widening group of US states mulling tax incentives for bitcoin miners - BitcoinEthereumNews.com
Lawmakers in Oklahoma have advanced legislation in recent days that, if finalized, would extend a tax break to bitcoin and cryptocurrency miners that set up shop in the state. The Commercial Digital Asset Mining Act of 2022, sponsored by state senator John Montgomery and state representative Ryan Martinez, aims to reduce the expenditures related to hardware and electricity used by commercial mining operations. “The original intent of the Legislature that the Oklahoma Tax Code recognize[s] the continuing development of new and advanced manufacturing and industrial processing technologies has led to new industrial processes,” the bill states. “Blockchain technology used in the commercial mining of digital assets is an industrial process that should be taxed in a maner similar to historical forms of manufacturing or industrial processing in order to encourage the location and expansion of such operations in this state rather than in competing states.” अपना क्रिप्टो दैनिक संक्षिप्त प्राप्त करेंn दैनिक वितरित, सीधे आपके इनबॉक्स में। A report by regional news outlet KOKH indicated that incentives worth a maximum of $5 million are being eyed, citing comments from Sen. Montgomery. Public records show that the legislation cleared the Oklahoma Senate on March 22 in a 29-16 vote. The bill moved to the legislatures lower chamber