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Nevada Lawmaker Moves to Block Taxes on Blockchain Transactions
A new bill filed in the Nevada Senate aims to prevent local authorities from imposing fees or taxes on the use of blockchain tech.
A new bill filed in the Nevada Senate would, if passed, prevent local authorities from imposing fees or taxes on the use of a blockchain.
Nevada Senate Bill 398http://www.leg.state.nv.us/Session/79th2017/BDR/BDR79_59-0158.pdf
STORY CONTINUES BELOW
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, filed yesterday and introduced by Senator Ben Kieckhefer, seeks in part to create a legal basis under state law for the use of blockchain-based records and contracts.
Notably, the bill would also prohibit local governments from taxing the use of the tech or requiring the use of a licensure for that purpose.
The proposed legislation states:
"A local governmental entity shall not: (a) Impose any tax or fee on the use of a blockchain or smart contract by any person or entity; (b) Require any person or entity to obtain from the local governmental entity any certificate, license or permit to use a blockchain or smart contract; or (c) Impose any other requirement relating to the use of a blockchain or smart contract by any person or entity."
The bill’s impact wouldn’t be limited to those potential economic costs, however.
Kieckhefer's proposal would prohibit the exclusion of blockchain records in "proceedings", noting at one point that "if a law requires a record to be in writing, submission of a blockchain which electronically contains the record satisfies the law".
"A smart contract, record or signature may not be denied legal effect or enforceability solely because a blockchain was used to create, store or verify the smart contract, record or signature," the bill goes on to state. "In a proceeding, evidence of a smart contract, record or signature must not be excluded solely because a blockchain was used to create, store or verify the smart contract, record or signature."
The proposal is similar to a bill put forward in Arizona last month, constituting a further move to legitimize the use of blockchain records at the state level, with a previous effort also being pursued last year in Vermont.
Nevada State Capitol image via Shutterstock
Stan Higgins
A member of CoinDesk's full-time Editorial Staff since 2014, Stan has long been at the forefront of covering emerging developments in blockchain technology. Stan has previously contributed to financial websites, and is an avid reader of poetry. Stan currently owns a small amount (<$500) worth of BTC, ENG and XTZ (See: Editorial Policy).
