State of Kentucky Will Give Tax Exemptions for Bitcoin Mining
Lawmakers in the American state of Kentucky have approved a new bill that would give sales tax breaks to cryptocurrency mining firms.
Tax Breaks for Bitcoin Mining
The lower house of Kentucky has approved House Bill 23, which offers tax benefits to crypto miners.
The approval means that cryptocurrency miners will be exempt from the usual 6% sales tax on power consumption in the state between July 1, 2021, to June 30, 2025.
The new law makes it appealing for Bitcoin miners to set up shop in the state as electricity bills are one of the biggest expenses for large-scale mining farms.
Besides the above-mentioned bill, the Kentucky Senate (upper house of the state legislature) is also pushing to pass Senate Bill 255. The second bill strives to bring additional tax incentives for mining firms that make a capital investment of at least a million dollars.
Kentucky legislators say they have been looking to attract technology investments from cryptocurrency mining and data center companies to create new jobs for the state.
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