Bill
Bill > HB230
summary
Introduced
01/08/2021
01/08/2021
In Committee
03/11/2021
03/11/2021
Crossed Over
03/04/2021
03/04/2021
Passed
03/16/2021
03/16/2021
Dead
Signed/Enacted/Adopted
03/25/2021
03/25/2021
Introduced Session
2021 Regular Session
Bill Summary
AN ACT relating to the taxation of the commercial mining of cryptocurrency. WHEREAS, the increased use of blockchain technology in a variety of applications and processes has led to significant innovation, developments, and modernization in multiple industries throughout the world; and WHEREAS, access to cost-effective energy is critical to the development and growth of blockchain technology, particularly in the commercial mining of cryptocurrency which requires a substantial and constant supply of energy; and WHEREAS, the General Assembly has actively encouraged the use and growth of blockchain technology in the Commonwealth as evidenced by 2019 House Resolution 171 authorizing a comprehensive study on the growing use of blockchain technology and its economic development potential for a variety of businesses and industries, as well as the passage of 2020 Senate Bill 55 which enacted KRS 42.747 and created a Blockchain Technology Working Group to study the use of blockchain in various sectors; and WHEREAS, the Commonwealth has an opportunity to
AI Summary
This bill provides a sales and use tax exemption for electricity used in the commercial mining of cryptocurrency in Kentucky. It defines key terms related to blockchain technology and cryptocurrency mining, and outlines the application process and reporting requirements for businesses seeking the exemption. The bill also creates a utility gross receipts license tax exemption for electricity used at colocation facilities primarily engaged in the commercial mining of cryptocurrency. The exemptions are effective from July 1, 2021 to June 30, 2030.
Committee Categories
Agriculture and Natural Resources, Budget and Finance
Sponsors (3)
Last Action
signed by Governor (Acts Ch. 122) (on 03/25/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://apps.legislature.ky.gov/record/21RS/hb230.html |
| BillText | https://apps.legislature.ky.gov/recorddocuments/bill/21RS/hb230/bill.pdf |
| Vote History for HB230 | https://apps.legislature.ky.gov/record/21RS/hb230/vote_history.pdf |
| Fiscal Note for HB230 | https://apps.legislature.ky.gov/recorddocuments/note/21RS/hb230/FN.pdf |
| BillText | https://apps.legislature.ky.gov/recorddocuments/bill/21RS/hb230/orig_bill.pdf |
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