Lawmakers in the US states of Illinois and Georgia plan to create tax incentives for cryptocurrency miners. If all goes according to plan, they could come into force later this year.
The House of Representatives of the US state of Georgia will debate a proposal for tax exemptions that would cover the purchase of electricity used for cryptocurrency mining activities. Referring to the database of bills of the Georgia legislature, Coindesk.com reported this.
The Illinois Senate already passed a similar bill in January, but even there they are looking for new ways to expand tax breaks for cryptocurrency miners. And other US states, such as Texas and Kentucky, have already introduced their tax incentives. Some lawmakers are even trying to push cryptocurrency tax breaks at the federal level.
U.S. states are responding to China’s ban on all cryptocurrency mining-related activities on its territory. The ban has been in place in China since last May, so the US has seized the opportunity to lure cryptocurrency miners to its side. Until then, China was the global leader in cryptocurrency mining. It was the United States that took over from the world’s most populous country.
