On April 1st, a report citing a reputable magazine revealed that Bill 0451 was submitted to the Rhode Island Senate the previous month. The bill would allow residents and businesses in the state to conduct up to 10 Bitcoin transactions per month, with each transaction valued under $1,000, without paying state capital gains tax. Notably, Bitcoin transactions are defined as any transaction involving exchanging Bitcoin for legal currency or other physical/digital assets.

The bill emphasizes that this tax exemption applies only to state taxes and does not affect federal tax obligations. Individuals and businesses participating in tax-exempt transactions must maintain complete transaction records, including data such as total daily transaction volume, and must be ready for auditing by the state tax agency at any time.

Chris Perrotta, president of the Rhode Island Blockchain Committee, pointed out that passing this bill would effectively reduce friction in digital asset payments, stimulate the state's blockchain economic development, and transform Rhode Island into a technology hub. He also suggested that small businesses accept Bitcoin as a payment method for products and services to promote economic growth.

Currently, no other state in the United States has proposed similar bills.