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 or taxes on digital assets used for transactions, treating them similarly to legal tender. The bill also clarifies definitions related to digital assets and auxiliary containers, while reinforcing existing regulations that limit local governments' ability to impose conflicting taxes. Additionally, it allows individuals to engage in digital asset mining in residential areas, provided they comply with local regulations, and ensures that no state department can restrict the acceptance of digital assets as payment.

Moreover, the bill introduces amendments to the tax code, focusing on various income types and deductions, including provisions for capital gains from digital assets used as payment, with a specified deduction threshold. It clarifies the treatment of business and nonbusiness income, outlines documentation requirements for deductions, and introduces new deductions for trusts and estates. The bill also includes specific insertions and deletions to refine tax code language, aiming to enhance clarity and fairness in taxation while adapting to modern financial practices. Overall, the Ohio Blockchain Basics Act reflects a growing recognition of digital assets' role in the economy and seeks to provide a clear and supportive regulatory environment.

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