Rhode Island Senator Proposes Tax Exemption for Bitcoin Transactions

2026-01-14 21:42

Rhode Island Senator Peter A. Appollonio has introduced Bill S2021 to the Senate Finance Committee, aiming to provide temporary state income and capital gains tax exemptions for Bitcoin transactions by residents and local businesses. The proposed exemptions have a monthly cap of $5,000 and an annual cap of $20,000. Taxpayers can self-certify their eligibility without reporting individual transactions, though they must maintain records for potential audits. The state's Department of Business Regulation will issue guidelines using a public Bitcoin price index for valuation. The exemptions are set to take effect on January 1, 2027, and will expire on January 1, 2028.

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