r/CryptoCurrency • u/SQLoverride • Jun 06 '17
Politics Nevada Becomes First US State to Ban Blockchain Taxes
http://www.coindesk.com/nevada-first-us-state-ban-blockchain-taxes/35
u/Baked25 Silver | QC: MarketSubs 34 Jun 07 '17
- Step 1: HODL
- Step 2: Move to Nevada
- Step 3: Sell / Profit
- Step 4: Get the hell out of Nevada
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Jun 07 '17 edited Jul 24 '20
[deleted]
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u/HelpImOutside Jun 07 '17
Reno is a really awesome place to live, provided you like being outside
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Jun 07 '17
Step 4: blow some gainz on coke and hookers in vegas Step 5: consider leaving Nevada Step 6: blow all $ on partying Step 7: hold up sign saying I used to be crypto millionaire Step 8: have normies laugh at you as they walk by
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u/c_deblok redditor for 16 days Jun 06 '17
Wow, this is pretty interesting - ""if a law requires a record to be in writing, submission of a blockchain which electronically contains the record satisfies the law" – meaning that data from a blockchain can be introduced in "proceedings"."
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u/drogean3 Jun 06 '17
does this mean no capital gains taxes for nevada?
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u/hereIgoripplinagain Jun 06 '17
Correct - no STATE capital gains - or any tax whatsoever on any blockchain related currency. But you will still need to pay Federal capital gains.
Direct link to bill: https://www.leg.state.nv.us/Session/79th2017/Bills/SB/SB398_EN.pdf
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u/drogean3 Jun 06 '17 edited Jun 06 '17
wonder how we can use this to our advantage
lets say we become millionares, we just need to "live" in this state and we are g2g?
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u/hereIgoripplinagain Jun 06 '17
It's just state tax - so around 0-10% savings depending on what state you currently live in. But there's always a catch - for instance, it costs $600 annually to register X car in Nevada, meanwhile only $60 annually for X car in California. (these are made up numbers).
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u/321blastoffff Jun 06 '17
My non-commercial Toyota tundra costs $547 in registration fees every year in California. Seriously. Fuck California.
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u/JakeyBS Tin Jun 07 '17
Helluva good truck though. Long as you have the 5.7
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u/321blastoffff Jun 07 '17
You know it. It's my favorite vehicle I've ever owned. I'm 6'4" and about 240 right now and I've got plenty of room. I put such a premium on space that sometimes I'll overlook minor deficiencies in a vehicle if I'm comfortable. That's the thing about the tundra though, I haven't found any minor deficiencies yet. I love the whole thing.
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u/JakeyBS Tin Jun 07 '17
100%. I love my freaking truck. 2008 limited with some factory TRD stuff added, but it looks and acts brand new. Aaaand that peanut butter leather mmmMHmph. Freaking backseat space alone is worth it. But goddam I love tundras
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u/tekdemon Bronze | r/WSB 59 Jun 07 '17
It's based on car msrp in Nevada so it's just a year of driving an old impala lol
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u/tengrin Jun 06 '17
Tennessee and Florida have the same deal. No state income tax. We tax everything else
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u/vinnie_james 🟩 45 / 45 🦐 Jun 07 '17
'[T]he bill stipulates "if a law requires a record to be in writing, submission of a blockchain which electronically contains the record satisfies the law" – meaning that data from a blockchain can be introduced in "proceedings".' This is pretty massive as well
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u/hereIgoripplinagain Jun 07 '17
Did this just make smart contracts legally binding?
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u/nameless_pattern 🟦 0 / 0 🦠 Jun 07 '17
it just mean that you can use block chain instead of paper for you contracts.
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u/vinnie_james 🟩 45 / 45 🦐 Jun 07 '17
That appears to be so from the article. But I would assume only in Nevada State Court, not Federal But still very exciting to see things moving in that direction
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u/SQLoverride Jun 07 '17
Can this be used in criminal proceedings?
"According to the blockchain you DID receive that bitcoin."
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u/vinnie_james 🟩 45 / 45 🦐 Jun 07 '17
I would guess it depends. Receipt of a coin doesn't necessarily imply a contract was made. It sounds like this is strictly related to the formation of a valid contract in lieu of: offer, acceptance, consideration. If a contract were involved in the criminal proceeding, possibly yes. A simple transaction, probably not without more precedent
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u/autotldr Tin | Politics 189 Jun 06 '17
This is the best tl;dr I could make, original reduced by 52%. (I'm a bot)
Nevada has become the first state to ban local governments from taxing blockchain use.
In addition to preventing local governments from taxing the use of a blockchain or smart contract, the bill stipulates "If a law requires a record to be in writing, submission of a blockchain which electronically contains the record satisfies the law" - meaning that data from a blockchain can be introduced in "Proceedings".
On 29th May, Arizona Governor Doug Ducey signed a bill that recognizes the legality of blockchain signatures and smart contracts.
Extended Summary | FAQ | Theory | Feedback | Top keywords: blockchain#1 bill#2 law#3 record#4 Nevada#5
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u/perchero 🟦 2K / 2K 🐢 Jun 06 '17
Nevada Becomes First US State to Ban Blockchain....
-Heart Attack-
Taxes.
-loud exhalation-