CHEYENNE, Wyo.—Wyoming is making another move to boost the use of cryptocurrency in its state.
Wyoming's Senate has passed Senate File Number 0111 Property taxation-digital currencies (SF0111), stating that "virtual currencies … shall be exempt from property taxation." It now goes on to the Wyoming House of Representatives, EthNews reported.
The bill garnered broad support from both Republicans and Democrats in the state’s senate, earning 26 ayes with three nays and one excused exemption, EthNews reported.
While SF No. 0111 is a departure from the position held by federal taxation authorities – like the Internal Revenue Service, which has defined cryptocurrency as property, requiring those with exposure to pay federal income taxes, EthNews noted.
“At only two pages, the concise bill is not very substantive, save for a brief classification of ‘virtual currency’ as ‘any type of digital representation of value that; 1) Is used as a medium of exchange, unit of account or store or value; and 2) Is not recognized as legal tender by the United States government,’" EthNews stated.
Separately, a Nebraska lawmaker is aiming to create legislation designed to encourage fast-growing technology such as Bitcoins or blockchains.
Sen. Carol Blood of Bellevue (D) said the measure would prohibit cities or villages from taxing or regulating the technology, instead leaving it up to the state, the Associated Press reported.
States including Vermont, Utah and Arizona have similar laws, the AP said.
Members of the state’s Government, Military and Veterans Affairs Committee questioned if the technology will continue to grow and discussed difficulties the legislation could face because of the complicated nature of ledger technology, the AP said.