Kentucky Bill Seeks to Lure Crypto Miners With Tax Breaks
Reps. Rudy and Freeland's bill would exempt crypto miners from paying either Kentucky sales or excise tax.
Jan 11, 2021 at 10:54 p.m. UTCUpdated Aug 19, 2021 at 6:34 a.m. UTC
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Two Kentucky lawmakers have called upon the commonwealth to offer tax breaks to cryptocurrency miners seeking to tap into the energy rich region.
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- General Assembly Representatives Steven Rudy and Chris Freeland's bill introduced last week would exempt "commercial cryptocurrency miners" from paying 6% sales taxes or 6% excise taxes on their rigs' electric bills and mining equipment.
- Kentucky "has an opportunity to become a national leader" in crypto mining because of its low energy rates and abundant supply, said the bill. Tax breaks would help the Commonwealth further compete.
- The Republican lawmakers submitted their 13-page bill to the General Assembly on Jan. 8, where it now sits in committee. Neither representative responded to a request for comment.
- The Block first reported the bills' submission.
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