Oklahoma has advanced a bill that would introduce tax breaks for cryptocurrency miners operating in the state.
The Commercial Digital Asset Mining Act of 2022, proposed by State Senator John Montgomery and State Representative Ryan Martinez, seeks to reduce costs associated with the equipment and electricity used in commercial mining operations.
“The original intent of the Legislature to have the Oklahoma Tax Code recognize the continued development of new and advanced manufacturing and industrial processing technologies has resulted in new industrial processes. Blockchain technology used in commercial mining of digital assets is an industrial process that should be taxed similarly to historical forms of manufacturing or industrial processing to encourage the location and expansion of such operations in this state rather than in competing states,” the bill states.
The bill was introduced in the lower house of the legislature on March 23 and referred to the technology committee on March 30.