Nevada Senators Unanimously Advance Blockchain Tax Ban

NEWS
Stan Higgins
Apr 26, 2017 at 16:24 UTC  |  Updated  Apr 26, 2017 at 16:24 UTC

Senators in the state of Nevada have unanimously backed a proposal that would block local authorities from instituting taxes or fees on blockchain use.

According to public records, after just over a month of deliberation, the Senate advanced the measure following a 21-0 vote, with zero abstentions.

As CoinDesk reported last month, it's the first measure of its kind that would prevent local officials from charging money to use a distributed ledger or a smart contract tied to one. Sen. Ben Kieckhefer initially submitted the measure on 20th March.

The bill stipulates:

"A local governmental entity shall not: (a) Impose any tax or fee on the use of a blockchain or smart contract by any person or entity; (b) Require any person or entity to obtain from the local governmental entity any certificate, license or permit to use a blockchain or smart contract; or (c) Impose any other requirement relating to the use of a blockchain or smart contract by any person or entity."

Other elements of the bill would clear the way for smart contracts and blockchain signatures to become acceptable records under state law, similar to a measure that was signed into law last month in neighboring Arizona.

The bill now moves to the Assembly – the lower chamber of Nevada's bicameral legislature – for further consideration.

Nevada State Legislature image via Shutterstock

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RegulationLegislationNevada