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Crypto Miners
Mining

Oklahoma Offering Tax Breaks For Crypto Miners

Legislators in Oklahoma are pushing to introduce tax relief for bitcoin and crypto currency miners who chose to operate in the State.

The bill, which is tagged the Commercial Digital Asset Mining Act 2022, was initiated by Senator John Montgomery and state representative Ryan Martinez. It strives to cut down the hardware and electricity fees that commercial miners will be required to pay.

According to the bill, “the original intent of the Legislature that the Oklahoma Tax Code recognize[s] the continuing development of new and advanced manufacturing and industrial processing technologies has led to new industrial processes.” 

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In continuation, the draft suggests that “blockchain technology used in the commercial mining of digital assets is an industrial process that should be taxed in a manner similar to historical forms of manufacturing or industrial processing to encourage the location and expansion of such operations in this state rather than in competing states.”

Trusted sources say that the miners could get tax relief of up to $5 million, citing comments from people who are familiar with the matter.

The bill which sailed through 29-16 at the Oklahoma Senate is now on the table of the technology committee for further deliberation.

The Sooner state joins a long list of regions in the United States who are looking to create a friendly environment for bitcoin and crypto mining.

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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