Oklahoma joins widening group of US states mulling tax incentives for bitcoin miners

Lawmakers in Oklahoma have advanced legislation in recent days that, if finalized, would extend a tax break to bitcoin and cryptocurrency miners that set up shop in the state.

The Commercial Digital Asset Mining Act of 2022, sponsored by state senator John Montgomery and state representative Ryan Martinez, aims to reduce the expenditures related to hardware and electricity used by commercial mining operations. 

"The original intent of the Legislature that the Oklahoma Tax Code recognize[s] the continuing development of new and advanced manufacturing and industrial processing technologies has led to new industrial processes," the bill states. "Blockchain technology used in the commercial mining of digital assets is an industrial process that should be taxed in a manner similar to historical forms of manufacturing or industrial processing in order to encourage the location and expansion of such operations in this state rather than in competing states."

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