Nevada Approves Legislation to Kill Blockchain Taxation
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Nevada has become the first U.S. state to approve a bill that prohibits local government from imposing taxation restrictions on the use of the blockchain technology.
It was previously reported by CCN that Nevada lawmakers had sent Senate Bill 398 to Governor Brian Sandoval’s office for signatory approval early this week.
The bill was first proposed by senator Ben Kieckhefer on 20 March to establish a legal framework for the people of Nevada using a distributed ledger. It was also established to ensure that the state maintained pace with the technology’s developments.
In April, the bill advanced after it received the full backing from Nevada senators with a 21-0 vote as they voted to recognize the blockchain tax bill. It also passed in the House of Representatives.
Now placed into state law, the bill prohibits:
"[A] local government from: (1) imposing a tax or fee on the use of a blockchain; (2) requiring a certificate, license or permit to use a blockchain; and (3) imposing any other requirement relating to the use of a blockchain."
The signing the bill into law makes Nevada the first state to prevent local jurisdictions from taxing or imposing restrictions on the use of a distributed ledger technology.
It could also help pave the way for other states who are considering the technology’s use and how it can be implemented into state law.
Arizona is also embracing the technology. In March, the state passed its own blockchain bill giving smart contracts and blockchain signatures legally binding status after passing a vote of 28-1. Recently signed into law by Arizona Governor Doug Ducey, the bill has now become official state law.
The bill states:
"Smart contracts may exist in commerce. A contract relating to a transaction may not be denied legal effect, validity or enforceability solely because that contract contains a smart contract form."
This is great news! It seems that blockchain technology and cryptocurrencies are advancing every day. Its only a matter of time before they become a part of our daily lives. Great post.
Right on! Blockchain will take-over soon, just wait on it!
It makes sense, they will see some significant gains from a tax perspective if block chain currencies start being used in casinos.
Government will make use of anything and as blockchain is the new rising technology, the government has to govern it some how.