- Capital gains tax (CGT) is a tax on the profit made from the sale of certain types of assets including Real estate, Stocks and bonds and Cryptocurrency etc.
- Florida became the first U.S. state to propose legislation eliminating capital gains tax on Bitcoin.
- This move depicts the increased enthusiasm among US States in integrating digital currency with their legal framework.
Florida became the first state in the United States to bring forth a bill to propose legislation aimed at eliminating capital gains tax on Bitcoin.
Capital gains tax typically applies to assets including Real estate, Stocks and bonds and Cryptocurrency etc.
The proposed bill has been put forward with digital asset integration into Florida’s financial framework in mind. It is likely to encourage wider acceptance of Bitcoin across the United States.
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The bill is a great indication of increasing interest of U.S. states in aligning tax legislation with the evolving digital economy and
Florida’s aggressive push to position itself as a national leader in crypto innovation.
Earlier in May, New Hampshire became the first US state to authorize government investment in cryptocurrency, through a bill presented by Governor Kelly Ayotte.
Further, the Arizona Governor signed a landmark legislation to claim ownership of unclaimed crypto and channel it towards Bitcoin and digital asset reserve funds. Arizona also imposed a flat 2.5% tax on crypto income and an early policy declaring airdrops tax-free at the state level.
As Florida is a step ahead in blockchain innovation and digital asset integration, this new proposed bill be a model for other states to modernize their tax codes and attract crypto-driven businesses.
