PANews reported on April 1st that according to Bitcoin Magazine, a bill No. 0451 submitted to the Rhode Island State Senate last month proposed that residents and businesses can conduct up to 10 Bit transactions per month, with each transaction valued below $1,000 (or equivalent sale), without paying state capital gains tax.
The bill defines "Bit sale" as: "Any transaction of exchanging Bit for fiat currency or other physical/digital assets", and emphasizes that this exemption only applies to state taxes and does not affect federal tax obligations. According to the bill's requirements, individuals and businesses participating in tax-free transactions must keep complete transaction records, including total daily transaction amounts, and be prepared for audits by the state tax department at any time.
CHR Perrotta, chairman of the Rhode Island Blockchain Committee, pointed out that after the bill passes, it will effectively reduce digital asset payment friction and stimulate the state's blockchain economic development, making Rhode Island a cutting-edge technological region. Additionally, he proposed that small businesses accept Bit as a payment method for products and services to stimulate economic growth. So far, no similar bills have been proposed in other HT states.
