Illinois and Georgia (USA) propose tax incentives for Bitcoin miners.

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2022-02-20 09:31:22

Lawmakers in the states of Illinois and Georgia are aiming for tax breaks for crypto miners.

Illinois and Georgia propose tax incentives for Bitcoin miners.

According to a newly published bill, the House of Representatives in Georgia is proposing tax exemptions for the sale or use of electricity in cryptocurrency mining. Prior to that, the Illinois senate also introduced a bill at the end of January that sought to expand tax incentives for data centers to mine cryptocurrency.

Cryptocurrency Mining Is Concerned by US Authorities

Illinois Senate Bill 3643, introduced by State Sen. Sue Rezin, would amend the Illinois Civil Administration Code to legalize cryptocurrency mining centers under the legal name “Centers”. Illinoi data” for a period of 60 months. To qualify for the tax incentive, businesses must invest more than $250 million in the state and create at least 20 jobs. Within two years of being eligible, businesses must also demonstrate they are not harming the environment by limiting carbon dioxide emissions into the atmosphere and must compensate by planting trees.

Georgia House Bill 1342 aims to attract Bitcoin “miners” by reducing taxes on electric energy use. Four Republican lawmakers in Georgia who introduced the bill are seeking to amend the state’s official tax code to include “a sale and use tax exemption, for an exemption from the sale or use of electricity” used used in commercial mining of digital assets.

Georgia and Illinois are the latest states to move towards tax incentives for miners. Prior to that, Texas and Kentucky both offered similar tax breaks to attract miners to their states. After China – formerly the world leader in bitcoin mining – outlawed all cryptocurrency mining in the country in May 2021, the US quickly became the leader. leader in the cryptocurrency mining industry.

Impact of cryptocurrency mining.

The process of cryptocurrency mining consumes a lot of electrical energy and has been criticized by regulators around the world. In 2019, the global Bitcoin mining industry used more energy than Poland, a country of about 38 million people. Several federal lawmakers led by Senator Elizabeth Warren are scrutinizing the climate impact of cryptocurrency miners.

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