A bill in Rhode Island, USA, proposes to allow state residents to trade $10,000 worth of Bitcoin tax-free each month

ChainCatcher news, according to Bitcoin Magazine, the bill No. 0451 submitted to the Rhode Island State Senate last month proposes that residents and businesses in the state can conduct up to 10 Bitcoin transactions per month, each valued at less than $1,000 (or equivalent sales), without paying state capital gains tax.

The bill defines "Bitcoin sale" as: "any transaction that exchanges Bitcoin for fiat currency or other physical/digital assets," while emphasizing that this exemption only applies at the state tax level and does not affect federal tax obligations. According to the bill's requirements, individuals and businesses participating in tax-exempt transactions must maintain complete transaction records, including daily transaction totals, and be prepared for audits by the state tax department at any time. Rhode Island Blockchain Council Chairman Chris Perrotta pointed out that the passage of this bill will effectively reduce friction in digital asset payments, stimulate the development of the blockchain economy in the state, and position Rhode Island at the forefront of technology.

In addition, he also proposed that small businesses accept Bitcoin as a payment method for products and services to stimulate economic growth. So far, no other states in the U.S. have proposed similar legislation.