TechFlow news, April 1 — According to Bitcoin Magazine, Rhode Island Senate Bill S.0451 proposes allowing state residents and businesses to conduct up to 10 Bitcoin transactions (or equivalent sales) per month tax-free at the state capital gains level, with each transaction not exceeding USD 1,000 in value.
The bill, introduced as an amendment to the state income tax law, explicitly states that the tax exemption applies only at the state level and does not affect federal tax obligations. Chris Perrotta, Chair of the Rhode Island Blockchain Committee, said the bill would help reduce friction in digital asset payments and promote blockchain-related economic activities in the state.
The report notes that no other U.S. state has currently proposed similar legislation. At the federal level, only the Lummis-Gillibrand Responsible Financial Innovation Act proposes a minimal tax exemption for Bitcoin transactions under USD 200.
