{"id":193070,"date":"2021-03-03T15:38:10","date_gmt":"2021-03-03T12:38:10","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/kentucky-to-provide-tax-breaks-for-local-crypto-miners\/"},"modified":"2021-03-03T15:38:10","modified_gmt":"2021-03-03T12:38:10","slug":"kentucky-to-provide-tax-breaks-for-local-crypto-miners","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/kentucky-to-provide-tax-breaks-for-local-crypto-miners\/","title":{"rendered":"# Kentucky to provide tax breaks for local crypto miners"},"content":{"rendered":"

“# Kentucky to provide tax breaks for local crypto miners <\/strong>”
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Lawmakers in Kentucky are looking to impose tax breaks for local cryptocurrency miners.<\/p>\n

Kentucky lawmakers on Tuesday app<\/a>roved several state tax breaks including House Bill 230, which would remove<\/a> the sales tax from electricity purchased by local crypto mining operators.<\/p>\n

According to a report<\/a> by the Lexington Herald-Leader, Kentucky legislators voted 19 to two for the new measure. The bill\u2019s fiscal note is reportedly estimated to cost the local budget at least $1 million annually. The exact cost cannot be calculated so far because \u201cit is unknown how many of the businesses might choose to locate here to avail themselves of this exemption,\u201d lawmakers said.<\/p>\n

The bill\u2019s sponsor reportedly urged that Kentucky needs to attract more cryptocurrency mining businesses by offering tax breaks on consumed electricity. Representative Steven Rudy emphasized that cryptocurrency mining needs to be supported as an industry in the state. <\/p>\n

\u201cMining for cryptocurrency takes a lot of electricity. It is very heavily impactful on industrial-type things. It is not just a few people sitting in their mom\u2019s basement or in their parents\u2019 basement writing code. This is actually highly sophisticated, highly technical,\u201d he said.<\/p>\n

Kentucky has been attempting to attract crypto business to the state. In January 2021, Kentucky economic development officials\u00a0approved<\/a> tax incentives for Blockware Mining to open a crypto mining operation in Paducah, with a total investment of $28 million. The Kentucky Senate has been also advancing its own tax break bill for cryptocurrency mining,\u00a0Senate Bill 255<\/a>.<\/p>\n