Kentucky to Provide Tax Breaks for Crypto Miners
Check this out, Kentucky isn’t a state I’d immediately think of as being pro-cryptocurrency but hey, here’s Bill 230!
Kentucky bill to provide tax breaks for local crypto miners
“Kentucky lawmakers on Tuesday approved several state tax breaks including House Bill 230, which would remove the sales tax from electricity purchased by local crypto mining operators.
According to a report by the Lexington Herald-Leader, Kentucky legislators voted 19 to two for the new measure. The bill’s fiscal note is reportedly estimated to cost the local budget at least $1 million annually. The exact cost cannot be calculated so far because’“it is unknown how many of the businesses might choose to locate here to avail themselves of this exemption,’ lawmakers said.
The bill’s sponsor reportedly urged that Kentucky needs to attract more cryptocurrency mining businesses by offering tax breaks on consumed electricity. Representative Steven Rudy emphasized that cryptocurrency mining needs to be supported as an industry in the state.”