The US states of Georgia and Illinois, according to new legislation published cryptocurrency may apply tax incentives for miners.
Texas and Kentucky Are Already Reducing Miners’ Taxes
According to the recently submitted bill, Georgia representatives proposed that the electricity use of cryptocurrency mining activities in the state be tax-exempt. The Illinois state senate bill, submitted in late January, aims to expand tax incentives for data centers to include crypto mining.
The states of Texas and Kentucky are using similar tax incentives to attract crypto miners. However, Senators Ron Wyden, Cynthia Lummis, and Pat Toomey are trying to ensure that the crypto tax reporting provision in the country’s infrastructure package does not apply to crypto miners.
Cryptocurrency Miners May Be Exempted from Electricity Tax in the State of Georgia
The bill introduced in Georgia, similar to Kentucky, offers tax breaks for energy use. bitcoin will try to attract miners to the state. The four Republican representatives presenting the bill aim to introduce “use and sales tax exemptions for electrical energy consumed by commercial mining of digital assets.”
However, the bill prepared by Republican Senator Sue Rezin in Illinois plans to amend the Illinois Civil Administrative Act to recognize cryptocurrency mining centers as “valid Illinois data centers” for a period of 60 months. Recently, Democrat Senator Julie A. Morrison also announced her support for the bill.