New Jersey Legislators Propose Tax Breaks for Bitcoin Businesses

Two New Jersey legislators have introduced a Digital Currency Jobs Creation Act that calls for tax breaks for bitcoin businesses.

AccessTimeIconMay 27, 2015 at 3:44 p.m. UTC
Updated Sep 11, 2021 at 11:42 a.m. UTC

UPDATE (28th May 01:00 BST): The draft text of the Digital Currency Jobs Creation Act is now available.


CoinDesk - Unknown

Two New Jersey legislators have introduced a Digital Currency Jobs Creation Act that calls for tax breaks for bitcoin businesses.

The bill is being sponsored by State Assemblyman Raj Mukherji and State Assemblyman Gordon M Johnson. According to a report by the New Jersey Star-Ledger, the 30-page proposal would, if passed, establish a regulatory framework and set in place tax breaks for New Jersey companies that work with digital currencies.

"I want to encourage innovation here in New Jersey. I think there's an opportunity for job creation," Mukherji told the publicationin an interview.

The draft text of the bill is currently unavailable for public viewing on the state legislature's website. However, the landing page for the Digital Currency Jobs Creation Act, or A4478, can be found alongside the bill's two primary sponsors.

The proposed bill comes months after the New Jersey Legislature's Assembly Financial Institutions and Insurance Committee held a hearing on how the state should approach regulating digital currencies.

CoinDesk will continue monitoring this developing story.

New Jersey image via Shutterstock.


Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC