The lower house of the Oklahoma State Legislature passed a bill this week focused on Bitcoin mining.
The Commercial Digital Asset Mining Act of 2022 includes a set of rules that are evolving across the United States and aimed at providing tax incentives to bitcoin miners. If approved, the law will allow for cutting expenses related to hardware and electricity used by miners.
The legislation included the following statements:
“Blockchain technology used in mining digital assets has been applied to forms of manufacturing and industrial processing to encourage the inclusion and expansion of such operations in this state rather than in competing states. is an industrial process that should be taxed in a similar way”
According to public records, the Oklahoma House of Representatives passed the law by a margin of 64-18. The State Senate held its first reading of the bill on Wednesday.
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