Bill > HF2946

This bill introduces the Minnesota Bitcoin Act, a comprehensive legislative framework that allows cryptocurrency, specifically Bitcoin, to be used for various state financial transactions and investments. The bill defines cryptocurrency as a virtual currency that uses cryptography to secure transactions recorded on a distributed ledger like blockchain, and it makes several key changes across multiple Minnesota state statutes. Key provisions include authorizing state agencies to accept cryptocurrency for payments like taxes and fees, allowing the State Board of Investment to invest in Bitcoin and other cryptocurrencies, modifying tax provisions to accommodate cryptocurrency transactions, and enabling state pension plans and retirement accounts to include cryptocurrency as an investment option. The bill establishes a clear definition of cryptocurrency and sets an effective date of January 1, 2026 for most of its provisions. Notably, the legislation provides tax treatment for cryptocurrency, such as allowing certain cryptocurrency-related income as a subtraction from taxable income, and excludes cryptocurrency gains from net investment income calculations. The bill aims to integrate cryptocurrency more formally into Minnesota's financial and governmental systems, providing legal frameworks for its use and investment.

Government Affairs

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2946&ssn=0&y=2025