Wyoming Senate Bill Proposes To Lift Cryptocurrency Property Tax
A new tax bill has been introduced in the Wyoming state senate that would exempt cryptocurrencies from property taxation.
Introduced by senators Ogden Driskill, Tara Nethercott, and Chris Rothfuss, along with representatives Tyler Lindholm, David Miller, and Jared Olsen, Wyoming Senate Bill 111 includes cryptocurrencies among a list of other intangible items that “shall be exempt from property taxation” as soon as the bill becomes law.
The bill defines cryptocurrencies as “any type of digital representation of value that is used as a medium of exchange, unit of account or store of value, and is not recognized as legal tender by the US government. Other intangible items included in the bill are fiat currency, gold, silver and other coin, bank drafts, certified checks and cashier’s checks.
The bill received 26 “ayes,” from a mixture of Republicans and Democrats, 3 “nays,” all from Republicans, and 1 “excused.”
Wyoming wants cryptocurrencies to achieve the same status as paper money and precious metals. If the bill passes, it would allow more individuals and companies to invest in Wyoming, creating more jobs and boosting growth.
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