Policymakers in Kentucky are looking to levy tax breaks for local virtual asset miners.
On Tuesday, Kentucky officials permitted more than a few state tax breaks including House Bill 230, which would eliminate the sales tax from electricity bought by local digital asset mining operators.
As per a report by the Lexington Herald-Leader, Kentucky legislators voted nineteen to two for the new measure. The bill’s fiscal note is purportedly projected to cost the local budget no less than 1 Million USD annually. The lawmakers mentioned that the precise price cannot be calculated so far as “it is unknown how many of the businesses might choose to locate here to avail themselves of this exemption.”
Representative Steven Rudy mentioned,
“Mining for cryptocurrency takes a lot of electricity. It is very heavily impactful on industrial-type things. It is not just a few people sitting in their mom’s basement or in their parents’ basement writing code. This is actually highly sophisticated, highly technical.”
It is to be noted that Kentucky has been trying to entice digital asset business to the state. In the month of January, the US state’s economic development officials approved tax incentives for Blockware Mining to start a digital asset mining operation in Paducah, with an overall investment of twenty eight million USD.
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