Rhode Island bill to allow residents to trade $10,000 worth of Bitcoin per month tax-free

Mars Finance News: According to Bitcoin Magazine, the No. 0451 bill submitted to the Rhode Island State Senate last month proposed that residents and businesses can conduct up to 10 Bitcoin transactions per month, each valued at less than $1,000, without paying state capital gains tax. The bill defines "Bitcoin sales" as: "Any transaction exchanging Bitcoin for fiat currency or other physical/digital assets," emphasizing 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 maintain complete transaction records, including total daily transaction amounts, and be prepared for audits by the state tax department at any time. Chris Perrotta, chairman of the Rhode Island Blockchain Committee, noted that after the bill passes, it will effectively reduce digital asset payment friction and stimulate the state's blockchain economy, positioning Rhode Island at the forefront of technology. Additionally, he suggested that small businesses accept Bitcoin as a payment method for products and services to stimulate economic growth. To date, no similar bills have been proposed in other U.S. states.