Wyoming Senate Bill Proposes To Lift Cryptocurrency Property Tax

News, Regulation | February 20, 2018 By:

A new tax bill has been introduced in the Wyoming state senate that would exempt cryptocurrencies from property taxation.

Introduced by senators Ogden Driskill, Tara Nethercott, and Chris Rothfuss, along with representatives Tyler Lindholm, David Miller, and Jared Olsen, Wyoming Senate Bill 111 includes cryptocurrencies among a list of other intangible items that “shall be exempt from property taxation” as soon as the bill becomes law.

Meanwhile, the Wyoming House of Representatives unanimously passed a bill exempting some utility tokens from securities regulations. The state senate is still considering it. If passed, it would move to the governor for signature, with a target date of July 1 to become state law.

The utility tokens in question cannot be sold as an investment, have a repurchase agreement or other conditions to find a buyer.   repurchase agreement or an agreement to find a buyer for the token.

Wyoming is making a big push to become a blockchain development hub. With four-bedroom houses going for $400,000 or less, and two-bedroom apartments renting for $700, the area offers a stark contrast to the high-priced Bay Area and Los Angeles.  There are five blockchain bills in total being considered by the state legislature.

The property taxation bill now under consideration defines cryptocurrencies as “any type of digital representation of value that is used as a medium of exchange, unit of account or store of value, and is not recognized as legal tender by the US government. Other intangible items included in the bill are fiat currency, gold, silver and other coin, bank drafts, certified checks and cashier’s checks.

The bill received 26 “ayes,” from a mixture of Republicans and Democrats, 3 “nays,” all from Republicans, and 1 “excused.”