Bill > SF2661

This bill proposes a comprehensive framework for integrating cryptocurrency, specifically Bitcoin, into Minnesota's financial and governmental systems. The Minnesota Bitcoin Act would allow state agencies to accept cryptocurrency as a form of payment for taxes, fees, and government services, effective January 1, 2026. The bill defines cryptocurrency as a virtual currency that uses cryptography to secure transactions recorded on a distributed ledger like blockchain. Key provisions include authorizing the State Board of Investment to invest in Bitcoin and other cryptocurrencies, permitting county treasurers to issue receipts for tax payments made in cryptocurrency, and modifying various tax provisions to accommodate cryptocurrency transactions. The bill also provides tax treatment for cryptocurrency, including allowing a subtraction from federal adjusted gross income for cryptocurrency received and excluding cryptocurrency gains from certain tax calculations. Additionally, the bill expands investment options for state pension plans to include Bitcoin and other cryptocurrencies, reflecting a significant move to integrate digital currencies into Minnesota's broader financial infrastructure. The legislation aims to provide a clear legal framework for cryptocurrency use in state government operations and financial activities.

Government Affairs

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2661&ssn=0&y=2025