Inside New Jersey’s Proposed Digital Currency Jobs Creation Act

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A bill recently submitted to the New Jersey State Legislature proposes tax incentives that would target bitcoin miners as well as other digital currency businesses in the state.

The purpose of the Digital Currency Jobs Creation Act, according to its authors, “is to promote innovation in the burgeoning digital currency industry, to protect consumers of digital currency services and to create jobs in the State of New Jersey”.

Among the specific incentives included in the draft is a proposed tax break on energy and utility bills for digital currency miners.

The bill reads:

“Receipts from retail sales of energy and utility service to a digital currency servicer or a company registered under ‘The Digital Currency Job Creation Act’ for use or consumption directly and primarily in the creation of digital currency, including mining, shall be exempt from the tax imposed under the ‘Sales and Use Tax Act.'”

The text establishes that digital currency companies would become eligible for funding under existing law created to fuel job creation in New Jersey.

Notably, the bill also includes a passage that, if approved, would empower the state to accept tax payments in bitcoin through a previously approved electronic payments system.

In line with its

Read more ... source: CoinDesk