Kentucky Legislature Approves Bills Providing Incentives for Crypto Miners
The bills now pass to Governor Andy Beshear for final approval.
Mar 18, 2021 at 2:02 p.m. UTCUpdated Aug 19, 2021 at 8:09 a.m. UTC
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Kentucky's state legislature has given its final approval to two proposed bills that would introduce energy and tax breaks for crypto mining operations.
- The first, House Bill 230, now passes to Governor Andy Beshear for final approval following the Senate voting in favor by 29-7 on Monday.
- The state's General Assembly had previously approved the bill in a 19-2 vote on March 3.
- Under the proposed law, sales tax obligations from electricity purchased for crypto mining purposes will be removed.
- Kentucky hopes the bill will make the state an attractive destination for cryptocurrency mining companies as a way to boost jobs and the local economy.
- According to General Assembly Representatives Steven Rudy and Chris Freeland, who introduced the bill in January, it would help Kentucky "become a national leader" in crypto mining.
- A Senate bill (SB255), focused on providing energy incentives for miners, is also now before the governor having been passed 74-19 last Friday.
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