Inside New Jersey's Proposed Digital Currency Jobs Creation Act
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, which the text refers to as....
Related News
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....
A new bill by proposed by two New Jersey assemblymen could mean tax and regulatory breaks for digital currency companies operating in the state. According to The Star-Ledger, the bill would lessen burdens for cryptocurrency companies in an attempt to incentivize job creation in the state. Proposed by Assemblyman Rai Mukherji (D-Hudson) and Assemblyman Gordon Johnson (D-Bergen), the 30-page bill would create a regulatory framework for digital currency companies to operate within as well. The bill comes two months after New Jersey's Assembly Financial Institutions and Insurance committee....
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....
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....
In contrast to proposed regulation that typically make it more difficult for bitcoin startups to thrive, a bill in New Jersey might wind up favoring these companies. As proposed by two members of the assembly, tax and regulatory breaks could be granted to cryptocurrency companies operating in the state. In particular, Assemblyman Rai Mukherji and Assemblyman Gordon Johnson pointed out that bitcoin startups should be encouraged to run operations since these could trim joblessness in the state. They drafted a 30-page bill to create a regulatory framework for the industry as well. Benefits....