2026-01-15 07:37:13

Rhode Island is moving forward with a Bitcoin tax exemption proposal that could reshape crypto adoption at the state level. Senate Bill S2021 would exempt small BTC transactions from state capital gains tax—specifically, transactions up to $5,000 per month or $20,000 annually for both individuals and businesses. The exemption is set to take effect on January 1, 2027. It's worth noting that federal taxes would still apply to these transactions, so this is a state-level incentive rather than a complete tax holiday. The move signals growing recognition among U.S. states of Bitcoin's role in the economy and could spark similar legislation elsewhere.

BTC0,06%

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

21 Likes

Reward
21
9
Repost
Share

Comment

0/400

rekt_but_not_broke

· 13h ago

Rhode Island's recent move is quite interesting, but to be honest, having to pay federal tax makes it a bit pointless...

View OriginalReply0

BearMarketMonk

· 01-17 18:29

Rhode Island's move is pretty good, but it won't take effect until 2027? No one knows what the market will look like by then.

View OriginalReply0

HashBrownies

· 01-17 10:10

The move on the island was well played, but it's a bit slow that it only takes effect in 2027...

View OriginalReply0

AirdropSweaterFan

· 01-15 23:51

Rhode Island's move will really encourage other states to follow suit. Let's see the excitement in 2027.

View OriginalReply0

SighingCashier

· 01-15 08:07

Rhode Island's recent move isn't bad, but it won't take effect until 2027. Can we wait that long?

View OriginalReply0

BearMarketBro

· 01-15 08:01

Nah Rhode Island, this step is pretty good. Although federal taxes still need to be paid, state-level tax cuts are finally a breakthrough... Wait, it doesn't take effect until 2027? We have to wait another two years?

View OriginalReply0

ImpermanentSage

· 01-15 07:58

Rhode Island's move this time is okay, but it won't take effect until 2027? How long do we have to wait... However, a state-level exemption is better than none at all. I feel that other states will follow suit once they see this.

View OriginalReply0

OnChainArchaeologist

· 01-15 07:53

Rhode Island's recent move is quite impressive; finally, a state is starting to be friendly towards Bitcoin. Although federal taxes still apply, the exemption for small transactions can indeed attract a group of holders to enter the market. Waiting until 2027 might be a bit long, though.

View OriginalReply0

SandwichVictim

· 01-15 07:45

Rhode Island's move is a bit interesting, but it doesn't take effect until 2027? The hot summer is already over.

View OriginalReply0