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Rhode Island state bill to allow residents of the state to trade $10000 worth of Bitcoin tax-free each month

2025-04-01 03:31

According to Bitcoin Magazine, Bill 0451, submitted to the Rhode Island Senate last month, proposes that residents and businesses in the state can conduct up to 10 Bitcoin transactions (or equivalent sales) with a single value of less than $1000 per month without paying state capital gains tax. The bill defines "Bitcoin sale" as "any transaction in which Bitcoin is exchanged for fiat currency or other physical/digital assets," while emphasizing that this exemption only applies at the state tax level and does not affect federal tax obligations. According to the bill, individuals and businesses participating in tax-free transactions are required to keep complete transaction records, including daily transaction amounts and other data, and be ready to undergo audit and verification by the state tax department at any time. Chris Perrotta, Chairman of the Rhode Island Blockchain Commission, pointed out that the passage of this bill will effectively reduce friction in digital asset payments, stimulate the development of the state's blockchain economy, and place Rhode Island at the forefront of technology. In addition, he also proposed that small businesses accept Bitcoin as a payment method for products and services to stimulate economic growth. So far, no other states in the United States have proposed similar bills.

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