{"id":172451,"date":"2025-04-05T21:18:58","date_gmt":"2025-04-05T21:18:58","guid":{"rendered":"https:\/\/peraltafinancing.com\/activist\/rhode-island-bill-would-allow-state-residents-to-spend-10000-monthly-in-bitcoin-tax-free\/"},"modified":"2025-04-05T21:18:58","modified_gmt":"2025-04-05T21:18:58","slug":"rhode-island-bill-would-allow-state-residents-to-spend-10000-monthly-in-bitcoin-tax-free","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=172451","title":{"rendered":"Rhode Island Bill Would Allow State Residents To Spend $10,000 Monthly In Bitcoin Tax Free"},"content":{"rendered":" \r\n<br><div>\n\n                                        \n\n\n<p><em><strong>A bill introduced to the Rhode Island Senate would enable the state\u2019s residents to spend or sell just under $1,000 in bitcoin 10 times per month without incurring state capital gains taxes.<\/strong><\/em><\/p>\n\n\n\n<p><a href=\"https:\/\/webserver.rilegislature.gov\/Billtext25\/SenateText25\/S0451.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Bill S. 0451<\/a>, which was introduced to the Rhode Island Senate last month, permits the state\u2019s residents and businesses to make up to 10 payments in bitcoin valued at less than $1,000 per month (or sell the equivalent amount) without being subject to state capital gains taxes.<\/p>\n\n\n\n<p>The bill is an amendment to existing state income tax laws, and the exact language in the proposed legislation is as follows:<\/p><div class=\"g g-1\"><div class=\"g-single a-17\"><a class=\"gofollow\" data-track=\"MTcsMSwxLDYw\" href=\"https:\/\/thegrownetwork.com\/fundraiser\/?oid=132&amp;affid=305\" target=\"_blank\"><img loading=\"lazy\" width=\"600\" height=\"465\" decoding=\"async\" src=\"https:\/\/www.activistpost.com\/wp-content\/uploads\/2025\/02\/Offgrid-Survival-Toolkit-2.jpg\"\/><\/a><\/div><\/div>\n\n\n\n<p>\u201cAny sale of [b]itcoin by an individual or business in Rhode Island shall be exempt from state taxation if the total value of sales is less than one thousand dollars ($1,000) per diem. The limit of the state tax exempt [b]itcoin transaction shall not exceed ten (10) sales per a thirty (30) day cycle.\u201d<\/p>\n\n\n\n<p>And the bill defines a \u201csale of [b]itcoin\u201d as \u201cany transaction in which [b]itcoin is sold or exchanged for another form of value, such as fiat currency or other physical or digital assets.\u201d<\/p>\n\n\n\n<p>The bill also clarifies that this exemption only applies at the state level and that it doesn\u2019t affect federal tax obligations.<\/p>\n\n\n\n<p>Under the bill, individuals and businesses who engage with these types of tax-exempt bitcoin transactions are responsible for keeping records of these transactions, including the total value of sales per day, and should be prepared to provide these records to the Rhode Island\u2019s department of revenue for audit or compliance purposes.<\/p>\n\n\n\n<p>In a slide deck prepared by the\u00a0<a href=\"https:\/\/riblockchain.org\/\" target=\"_blank\" rel=\"noreferrer noopener\">Rhode Island Blockchain Council<\/a>\u00a0that was shared with Bitcoin Magazine, Chris Perrotta, Chairman of the Council, wrote that the passing of Bill S. 0451 would help to reduce friction for digital asset payments.<\/p>\n\n\n\n<p>He stated that \u201ccurrent tax implications of spending BTC hamper its utility for Rhode Island citizens and stifle economic activity.\u201d<\/p>\n\n\n\n<p>Perrotta also noted that the passing of this bill would stimulate blockchain-based economic activity in the state, making Rhode Island one of the states at the forefront of this technology.<\/p>\n\n\n\n<p>What is more, he also proposed that small businesses accept bitcoin for products and services as a means to stimulate economic growth.<\/p>\n\n\n\n<p>Thus far, no other U.S. states have introduced comparable bills.<\/p>\n\n\n\n<p>At the federal level, the only bill that has proposed something similar is the\u00a0<a href=\"https:\/\/www.gillibrand.senate.gov\/wp-content\/uploads\/imo\/media\/doc\/Lummis-Gillibrand%20Section-by-Section%20%5BFinal%5D.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Lummis-Gillibrand \u201cResponsible Financial Innovation Act\u201d<\/a>, which provides a\u00a0<em>de minimus<\/em>\u00a0tax exemption on bitcoin transactions valued up to $200.<\/p>\n\n            \n        <\/div>\r\n<br>\r\n","protected":false},"excerpt":{"rendered":"<p>A bill introduced to the Rhode Island Senate would enable the state\u2019s residents to spend or sell just under $1,000 in bitcoin 10 times per month without incurring state capital gains taxes. Bill S. 0451, which was introduced to the Rhode Island Senate last month, permits the state\u2019s residents and businesses to make up to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":172452,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12022],"tags":[6795,12920,807,2876,4757,16312,27123,15720,5296,7356],"dealstore":[],"offerexpiration":[],"class_list":["post-172451","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-activist","tag-bill","tag-bitcoin","tag-free","tag-island","tag-monthly","tag-residents","tag-rhode","tag-spend","tag-state","tag-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rhode Island Bill Would Allow State Residents To Spend $10,000 Monthly In Bitcoin Tax Free - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=172451\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rhode Island Bill Would Allow State Residents To Spend $10,000 Monthly In Bitcoin Tax Free - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"A bill introduced to the Rhode Island Senate would enable the state\u2019s residents to spend or sell just under $1,000 in bitcoin 10 times per month without incurring state capital gains taxes. 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