Legislators in Nevada completed work on a bill to block the taxation of blockchain use.
Public records show the bill, first reported by CoinDesk in March, has unanimously passed both the state Senate and the House of Representatives. The measure was introduced by Senator Ben Kieckhefer, and has since been sent to Governor Brian Sandoval's office for signature.
As previously reported, the Nevada bill – the first of its kind – if signed into law, would keep local jurisdictions from taxing blockchain use.
The text explains:
The bill also ensures blockchain-based records can be introduced and utilized during "proceedings", stipulating that "if a law requires a record to be in writing, submission of a blockchain which electronically contains the record satisfies the law".
Nevada State House image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.