- Ohio lawmakers introduced a bill to exempt crypto, stablecoins, and NFTs from state taxes when used as payment, ensuring parity with fiat transactions
- The bill clarifies that mining, staking, and crypto swaps won’t be classified as “money transmission” and protects mining in industrial zones.
- Nearly 30 states have explored Bitcoin reserves or crypto-related policies, but most efforts have failed due to internal political disagreements.
Ohio Lawmakers recently introduced House Bill 116, which aims to restrict state-level taxes or fees on digital assets when they are used as payment.
The legislation was introduced on February 24 by Representative Steve Demetriou and co-sponsored by Tex Fischer, Brian Lorenz, Ty D. Mathews, Riordan McClain, and Josh Williams.
It seeks to ensure that no additional levies are imposed on crypto transactions beyond those that already apply to traditional fiat transactions.
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Bitcoin Laws in Ohio
The bill outlines that the state legislature cannot introduce or pass new taxes, fees, or assessments specifically targeting digital assets, including cryptocurrencies, stablecoins, and non-fungible tokens (NFTs) (standard taxes like sales taxes would still apply).
Moreover, crypto mining, staking, and swapping between digital assets would not be classified as “money transmission” under Ohio law. Mining would also be permitted in residential areas (subject to zoning rules) and clearly allowed in industrial zones without discriminatory measures against such businesses.
Ohio lawmakers have been proactive in advancing crypto-related bills in recent months. In September 2024, Senator Niraj Antani introduced a bill that would have required the state to accept cryptocurrency to pay state taxes and fees.
More recently, House Bill 703 proposed establishing a Bitcoin (BTC) reserve, and another bill from Senator Sandra O’Brien aimed to create another Ohio Bitcoin Reserve Fund with a mandated holding period of five years.
Furthermore, nearly 30 US states have proposed bills to establish some form of a strategic Bitcoin reserve/fund, but most of the state-level efforts have already failed, and not because of Democrats but Republican lawmakers.
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