Ohio House advances bill exempting sub-$200 crypto transactions from capital gains tax

Ohio's House of Representatives has passed a bill that would make it easier for crypto owners to use their crypto assets for payments, advancing the legislation to the Senate for further consideration.

The Ohio Blockchain Basics Act, also known as HB 116, passed the House in a 70-26 vote on Wednesday, a day after advancing through the Technology and Innovation Committee, according to the legislature's website . 

If enacted, the legislation would ensure that crypto asset holders can "easily use their digital currency to pay for goods and services in Ohio," the House said in a press release. 

HB 116 would prohibit local governments from imposing additional taxes or fees on individuals using cryptocurrency for legal services and would exempt transactions under $200 from capital gains taxes.

The bill also seeks to protect crypto mining businesses from being unfairly targeted by government policies.

"As digital commerce and privacy become even more important in the lives of Ohioans, it's crucial to ensure that the blockchain and digital asset industries can thrive not just anywhere, but here in the Buckeye State," said Representative Steve Demetriou, the bill's primary sponsor.

Ohio is among several states reviewing crypto-related legislation focused on payments and state treasury management. At the federal level, the U.S. Senate passed the landmark GENIUS stablecoin bill on Tuesday, which now moves to the House for further consideration.