Lawmakers in the US state of Kentucky have introduced a bill offering tax breaks for mining firms to attract more mining firms.
The document, titled “Bill on Taxation of Commercial Mining of Cryptocurrencies,” was presented by MPs Stephern Rudy and Chris Freeland.
The bill proposes to amend state laws to provide “sales and use tax exemption on personal property and electricity used in the commercial mining of cryptocurrencies.”
The authors of the document emphasize that “the state can become a national leader in the emerging commercial mining industry, given the surplus of electricity in the state, which can be sold to miners at reduced prices, as well as the developed infrastructure for the delivery of this energy.”
The bill was presented on January 8 and is now in the early stages of consideration.
Recall that, as previously reported, Washington state energy companies expect an increase in miner activity and a related increase in energy consumption.
Telegram channel!
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
