Bitcoin Magazine
Missouri Bill Would Enable Tax-Free Bitcoin Spending
Missouri’s House Bill 594 (HB594), which would eliminate capital gains taxes for residents in the state, recently passed a vote in the state’s House of Representatives and now awaits a signature from Missouri’s governor, Mike Kehoe (R).
If the bill passes, Missourians can write off “one hundred percent of all income reported as a capital gain for federal income tax purposes,” according to the language in the bill. This means that residents of Missouri would not have to pay a capital gains tax when they spend (or sell) their bitcoin.
This bill differs from a bill recently introduced in Rhode Island that would permit the state’s residents to spend up to $10,000 per month in bitcoin without incurring a capital gains tax on the state level while still paying it on the federal level in that it stipulates that the adjusted gross income for Missourians under this bill would alter their federal gross income.
The language in the bill reads as follows: “The Missouri adjusted gross income of a resident individual shall be the taxpayer’s federal adjusted gross income subject to the modifications in the [bill].”
It’s unclear as to whether Governor Kehoe will sign the bill or not, as, if it were to be enacted, it would reduce the state’s revenue by almost $300 million per year at a time when public schools in Missouri are underfunded and Governor Kehoe has acknowledged that public schools are underperforming.
With that said, other Republicans (Gov. Kehoe is a Republican) in the state have made the argument that enacting HB594 into law would fuel economic growth in the state and provide tax relief for the average Missourian.
HB594’s passing in the Missouri House of Representatives comes in the wake of a broader push back on taxation within the United States, as President Trump recently shared on Truth Social that he’s considering eliminating income taxes on those making less than $200,000 per year as he implements tariffs to make up for the difference in revenue.
If Governor Kehoe signs the bill into law, Missouri will become the first state with income taxes to leave out earnings from capital gains as well as a friendly jurisdiction for Bitcoiners looking to spend their bitcoin without having to pay taxes on the fiat gains they’ve made on it.
This post Missouri Bill Would Enable Tax-Free Bitcoin Spending first appeared on Bitcoin Magazine and is written by Frank Corva.
Bitcoin Magazine
Missouri Bill Would Enable Tax-Free Bitcoin Spending
A bill that could soon be enacted into law would let Missourians spend their bitcoin without incurring a capital gains tax.
This post Missouri Bill Would Enable Tax-Free Bitcoin Spending first appeared on Bitcoin Magazine and is written by Frank Corva. NEWS, POLITICS, Bills, House Bill, law, Missouri, Politics Bitcoin Magazine
