New Jersey Legislators Propose Tax Breaks for Bitcoin Businesses
The draft text of the Digital Currency Jobs Creation Act is now available. Two New Jersey legislators have introduced a Digital Currency Jobs Creation Act that calls for tax breaks for bitcoin businesses. The bill is being sponsored by State Assemblyman Raj Mukherji and State Assemblyman Gordon M Johnson. According to a report by the New Jersey Star-Ledger, the 30-page proposal would, if passed, establish a regulatory framework and set in place tax breaks for New Jersey companies that work with digital currencies. "I want to encourage innovation here in New Jersey. I think there's an....
Related News
In New Jersey, two legislators have brought a bill to the state legislature (A4478) that will create a regulatory framework for Bitcoin-related companies. Both the legislators and some in the Bitcoin community have touted the bill as a positive step towards bringing the cryptocurrency to the mainstream. A4478, alternatively titled the “Digital Currency Jobs Creation Act,” was introduced with the purpose of helping to create jobs within the state. The bill aims to achieve this goal by giving tax breaks to Bitcoin related companies located within New Jersey who reach a certain job creation....
Coin Center's Executive Director Jerry Brito (on right) was among the nine participants who addressed the New Jersey Legislature's Financial Institutions on questions related to Bitcoin. In the end, the Bitcoin lobbyist unquestionably made some progress when it came to informing lawmakers about the cryptocurrency and its wider applications in the world. The aforesaid hearing was held to ensure the protection of Bitcoin consumers, especially in times when the market has just suffered a price crash and a few highly publicized hacking incidents. Legislators, during the entire Q&A round, were....
A group of nine business owners and legal experts pitched a panel of New Jersey legislators this week on why they should make the Garden State a hub for bitcoin development. To get there, the panel urged, would require creating an environment in which digital currency developers, startups and ideas could flourish without the risk of onerous financial rules stifling innovation. The 5th February hearing was hosted by the New Jersey Legislature's Assembly Financial Institutions and Insurance Committee. Among the topics discussed were the multi-signature wallet technology, the nature of....
The island of Jersey is a pleasant, tranquil place known for its rocky beaches, soothing waves, and oh yeah… It’s loose tax regulations and growing Fintech arena. Over the past two years, arrays of financial and tech-related companies have looked to Jersey as a potential home thanks to its limited regulations regarding bitcoin and digital currencies, but all that is about to change. Presently, there are nearly two dozen established companies and businesses on the island of Jersey that accept bitcoin as a method of payment. Since October of last year, Jersey has expressed its desires to....
Marco Santori of Pillsbury Winthrop is a FinTech attorney for companies using digital currencies and blockchain technology. He is also the chairman of the Bitcoin Foundation's Regulatory Affairs Committee and author of CoinDesk's series on bitcoin law (find parts 1, 2 and 3 here). Not a single month passed in 2015 without some groundbreaking new development in the world of digital currency regulation. I'll count down some of the ones that have been most influential on my own practice. 10. New Jersey: The Digital Currency Jobs Creation Act. In June, the New Jersey Digital Currency Jobs....