BTC

$77729.947

-2.25%

ETH

$1479.231

-5.81%

XRP

$1.826

-2.14%

BNB

$556.712

-0.33%

News

Rhode Island Advances Bitcoin Tax Exemption Bill

2 mins mins
Key Points:
  • Rhode Island bill proposes exempting small Bitcoin transactions from state tax.
  • Up to 10 transactions monthly can be tax-free.
  • Aims to boost blockchain economy in Rhode Island.

Rhode Island is considering a groundbreaking bill potentially exempting certain Bitcoin transactions from state capital gains tax. Introduced in February 2025 by Senator Peter A. Appollonio, it targets small transactions under $1,000.

The proposal could stimulate local Bitcoin adoption and position Rhode Island as a technology leader in the blockchain sector.

Rhode Island’s Senate Bill 451: Key Highlights

Rhode Island’s Senate Bill 451, introduced by Senator Peter A. Appollonio, proposes a tax break for up to ten Bitcoin transactions per month, each valued under $1,000. The goal is to facilitate more seamless digital asset payments.

By exempting these transactions from state capital gains tax, the bill’s passage aims to enhance Rhode Island’s attractiveness as a blockchain-friendly state. The exemption does not apply to federal taxes, requiring strict record-keeping and authorizing possible audits by state tax authorities.

“This bill’s passage would effectively reduce friction in digital asset payments and stimulate the state’s blockchain economy, positioning Rhode Island as a leader in technology.” – Chris Perrotta, Chairman, Rhode Island Blockchain Council.

Bitcoin Market Trends Amid Legislative Change

Did you know? Rhode Island’s proactive stance on blockchain mirrors progressive technologies adopted by states like Wyoming, but with a unique focus on small Bitcoin transactions.

According to CoinMarketCap, Bitcoin (BTC) trades at $82,937.03, with a market cap of $1.65 trillion and a daily trading volume of $27.56 billion, showing a 63.17% increase. Despite a recent 1.77% rise over 24 hours, Bitcoin faces a 7-day drop of 4.15%, reflecting ongoing volatility.

bitcoin-daily-chart-72
Bitcoin(BTC), daily chart, screenshot on CoinMarketCap at 03:57 UTC on April 1, 2025. Source: CoinMarketCap

Coincu research forecasts that if effective, this legislative initiative could open pathways for similar reforms. The focus on small transactions may demonstrate a practical regulatory model, reducing entry barriers for individuals and businesses venturing into cryptocurrency.

Rate this post
Follow us on Google News

No tags available.

Avatar of Mayowa Adebajo

Mayowa Adebajo

01 April 2025, 04:00:51 GMT +0000

Mayowa is a seasoned freelance writer specializing in creating compelling, high-converting content across diverse industries.

With extensive experience working with major news outlets, personal blogs, and private clients, he brings a deep understanding of audience engagement and storytelling. His expertise spans SEO optimization, persuasive copywriting, and niche versatility, ensuring content that resonates and delivers results.

Armed with a strong command of the English language and a keen eye for detail, he crafts content that is both impactful and strategically tailored to meet client goals.

Other Posts: