The cryptocurrency bill in Ohio has passed, exempting Bitcoin payments under $200 from taxes.

Gate News bot reported that Ohio has passed a landmark digital asset bill that allows tax exemption for Bitcoin payments under $200. The passage of the bill comes at a time when the U.S. cryptocurrency industry has achieved a series of legislative victories as competition for cryptocurrency applications intensifies.

A new bill has been passed in Ohio, USA, moving towards the full acceptance of Bitcoin and other Crypto Assets. Reportedly, the bill known as the “Bitcoin Bill of Rights” (HB 116) has received bipartisan support in the House and passed the vote smoothly.

The bill aims to protect the autonomy of Bitcoin miners in custody and node operation rights, while establishing a “minimum” tax exemption for Bitcoin transactions. According to community interpretation, the bill indicates that all Bitcoin purchases below $200 are exempt from state-level capital gains tax.

This provision eliminates the tax tracking requirements for simple transactions using Bitcoin, thereby improving adoption rates. Last week, U.S. Senator Cynthia Lummis urged Congress to amend the existing Crypto Assets tax rules, pointing out that Bitcoin has been unfairly targeted.

The Satoshi Act Fund will praise the bill as one of the “strongest Bitcoin rights bills” approved through the legislative process.

The HB 116 bill will now be submitted to the Ohio Senate for review, and if passed, it will be submitted for final approval by the governor. Experts indicate that, given the strong bipartisan support for the HB 116 bill, the likelihood of it smoothly passing through the remaining legislative process is very high.