Nevada lawmakers have sent a blockchain tax bill to the Governor's office for signatory approval, which is aiming to block taxation restrictions on the use of the blockchain technology. Senate Bill 398 received full backing from Nevada senators in April, advancing the bill to a 21-0…
Nevada lawmakers have sent a blockchain tax bill to the Governor’s office for signatory approval, which is aiming to block taxation restrictions on the use of the blockchain technology.
Senate Bill 398 received full backing from Nevada senators in April, advancing the bill to a 21-0 vote as they voted to recognize the blockchain tax bill.
First introduced on 20 March by senator Ben Kieckhefer, SB 398 was introduced to ensure that the state of Nevada maintains pace with the technology’s developments and also establishes a legal framework for people using a blockchain.
The text [PDF] reads:
This bill prohibits a local government from: (1) imposing a tax or fee on the use of a blockchain; (2) requiring a certificate, license or permit to use a blockchain; and (3) imposing any other requirement relating to the use of a blockchain.
If signed into law it would be the first bill of its kind that would keep local jurisdictions from taxing or imposing restrictions on blockchain use.
In March, the Senate of the state of Arizona passed a blockchain bill giving smart contracts and blockchain signatures legal binding status after passing a vote of 28-1.
With the state of Arizona initially passing their own blockchain bill before Nevada, this may have had an influence on the successful progress of SB 398. However, while Arizona may have passed a smart contract and blockchain bill demonstrating its interest in this area, not all blockchain-related bills in the state have progressed painting the technology in a positive light.
The state has also previously passed a distributed ledger bill that would prohibit the technology from tracking firearm use.
Even though the state is keen to embrace the technology, it clearly believes that its use should not be used for every facet of our day-to-day lives.
Hawaii, too, has filed its own blockchain bill. HB 1481 is aimed at boosting tourism and technology through the use of the blockchain.
Featured image from Shutterstock.
Last modified: January 25, 2020 12:10 AM UTC