The Ohio Blockchain Basics Act seeks to amend various sections of the Revised Code to regulate the mining, taxation, and use of digital assets in Ohio. A significant aspect of the bill is the prohibition of counties and municipal corporations from imposing fees, taxes, assessments, or other charges on digital assets used for payment, which aligns with existing regulations on auxiliary containers. The bill also introduces new sections (1352.01 to 1352.04) that define digital assets and outline their treatment under Ohio law, including exemptions from municipal taxation for capital gains from the sale of digital assets used as payment, provided the transaction amount does not exceed a specified threshold.

Additionally, the bill proposes amendments to the current tax code, including new deductions for various forms of income and clarifications on the treatment of net profits and operating losses. It specifies that compensation for services performed on U.S. Air Force bases is exempt from municipal taxation unless the individual is taxed due to their residence. The bill also introduces definitions related to taxation, such as "qualifying wages" and "pass-through entity," while ensuring that individuals and businesses engaging in digital asset activities are not required to obtain a money transmitter license. Overall, the legislation aims to create a supportive regulatory environment for digital assets while refining the tax framework to accommodate modern financial transactions.

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