The Ohio Blockchain Basics Act seeks to amend various sections of the Revised Code to establish a regulatory framework for digital assets, including their mining, taxation, and management. A significant aspect of the bill is the prohibition of counties and municipal corporations from imposing fees, taxes, or assessments on digital assets used for transactions, ensuring that such charges cannot be based on the use or sale of these assets. The bill also introduces new sections that define digital assets and their treatment under Ohio law, while modifying existing provisions to align with these regulations. This legislation aims to foster the use of digital currencies in Ohio's economy by providing clarity and preventing local governments from imposing additional financial burdens on digital asset transactions.

In addition to digital asset regulations, the bill proposes amendments to the tax code concerning various income types and their taxation. It specifies exemptions for certain incomes, such as compensation for services performed on U.S. Air Force bases and income derived from disaster work by out-of-state businesses. The bill also introduces new definitions related to municipal income tax, clarifying taxpayer classifications and treatment of net operating losses. Notably, it allows for the deduction of capital gains from the sale of digital assets used as payment for goods or services, with a specified threshold for deductions. Overall, the Ohio Blockchain Basics Act aims to streamline tax processes, enhance compliance, and adapt to the evolving financial landscape surrounding digital assets.

Statutes affected:
As Introduced: 301.30, 504.04, 715.013, 718.01, 1315.01, 5747.01
As Reported By House Committee: 301.30, 504.04, 715.013, 718.01, 1315.01, 5747.01
As Passed By House: 301.30, 504.04, 715.013, 718.01, 1315.01, 5747.01