Latest news with #HouseTechnologyandInnovationCommittee
Arabian Post
8 hours ago
- Business
- Arabian Post
Ohio legislature backs mining, self‑custody and tax relief
Lawmakers in Ohio's House Technology and Innovation Committee have approved House Bill 116 — dubbed the 'Bitcoin Rights' measure — with a unanimous 13‑0 vote. The legislation safeguards personal control over encrypted digital assets, explicitly legalises individual and corporate mining and node operation, and provides a state income‑tax break of up to US $200 per transaction in capital gains from digital assets. The bill, formally titled the Ohio Blockchain Basics Act, moves to the full House for a vote as part of an initiative to position the state as a hub for blockchain and cryptocurrency operations. At the heart of the measure is the protection of self‑custody rights, allowing citizens to keep their crypto in hardware or self‑hosted wallets without interference from state or local authorities. It also shields miners and node operators from regulatory burdens. Individuals may mine at home, in residential zones, and businesses may operate industrial‑scale mining farms where zoning rules permit. Additionally, digital‑asset activities such as mining, staking, token swaps and node‑running would not trigger money‑transmitter or investment licensing requirements. ADVERTISEMENT Another key component is the $200 per transaction exclusion from Ohio state income tax on capital gains from digital assets used as payment. That threshold is set to rise annually with inflation, offering relief to small‑scale users and encouraging routine use of cryptocurrency in commerce. Local governments, including municipalities and charter counties, would also be barred from imposing their own taxes or fees on such transactions. The legislative analysis explains that the bill prevents state or locality from prohibiting acceptance of crypto as payment or from confiscating hardware or wallets. In industrial zones, mining operations enjoy protections from discriminatory rezoning, though noise and zoning regulations still apply. Proponents, including the bill's primary sponsor, Representative Steve Demetriou, have framed the bill as a foundational move to foster technology innovation, champion financial autonomy and attract blockchain businesses to Ohio. The bipartisan, unanimous committee vote reflects broad political willingness to embed crypto‑friendly measures at state level. Supporters argue Ohio will benefit economically by drawing in infrastructure investment and fostering public familiarity with digital assets — especially with enhanced legal certainty and tax incentives in place. However, critics caution that the bill may leave regulatory gaps, presenting consumer‑protection and environmental challenges. Concerns have been raised over potential disregard for energy‑intensive mining's impact on local power grids and carbon emissions. Others warn that dubbing activities like mining and staking as outside the scope of money‑transmitter laws could allow for unmonitored financial operations. Industry experts and legal analysts note that the bill's nuanced definitions — covering digital assets, hardware wallets, self‑hosted wallets, nodes and mining operations — constitute one of the more comprehensive legal frameworks for crypto in the US. Its allowance for pension funds to study digital‑asset ETF investment is also seen as a significant institutional development. Under the bill, each state retirement system must submit a report within a year assessing the viability, advantages and risks of investing in digital‑asset ETFs, and offer recommendations to reduce exposure in case of such investments. Should the full House and Senate pass the bill and the governor sign it, Ohio will rank among the most crypto‑welcoming states. Observers suggest that its balanced approach — mixing legal clarity, tax relief and targeted environmental zoning controls — may serve as a model for other jurisdictions exploring blockchain policy frameworks. With the committee stage complete, attention now turns to the legislature's upper chamber, where further amendments or debates may arise. Policy‑wonks will be watching for potential changes on environmental stipulations and consumer protections, as well as alterations to the tax‑exemption levels.
Axios
19-02-2025
- Business
- Axios
Georgia vertiports bill aims to make air taxi a reality
One day soon it could be possible to skip Atlanta traffic and hitch a flight to Midtown from Hartsfield-Jackson in an air taxi. Why it matters: New legislation is part of an effort to build the regulatory and business groundwork in Georgia for what federal officials call the "first new category of aircraft in nearly 80 years." Driving the news: State senators are set to consider legislation to spark the construction of "vertiports" at airports across the state where air taxis could take off and land. Last week, state Rep. Todd Jones (R-Cumming), the bill's sponsor, told the House Technology and Innovation Committee that the state could have a "lily pad network of vertiports" over the next three to five years. How it works: Electric vertical takeoff and landing vehicles, or eVTOLs, take off and land like helicopters and fly horizontally like fixed-wing planes, often at lower altitudes. Industry supporters say the vehicles are cleaner and quieter than helicopters and ideal for transporting people who don't want to spend time on transit or in traffic. Zoom in: Under the legislation, Jones said, vertiports could become classified as "general aviation facilities" and eligible for federal funding. He envisions each vertiport would be roughly 42,000 square feet and have up to four landing pads (one to be reserved for maintenance). The flights could also play a role in cargo logistics, medical transport, or even recreation (in uncongested areas), according to a May 2024 GDOT study of the industry's potential in Georgia, including possible vertiport sites. State of play: Companies building eVTOLs are flying high after 2024 saw manufacturers announce air-taxi partnerships with airlines and Olympic-size plans to show off their tech. All of the "big four" U.S. airlines — Delta, United, American and Southwest — are at least exploring electric air taxi operations, Axios' Alex Fitzpatrick writes. In July 2024, Archer Aviation, which manufactures its Midnight eVTOL in Covington, announced plans with Southwest to launch air taxi service in and around Los Angeles for the 2028 Olympics. Delta and Joby Aviation plan to provide passengers with "seamless, zero-operating-emission, short-range journeys to and from city airports" beginning in Los Angeles and New York "pending signoff from federal and local authorities." Reality check: If things go according to plan, eVTOLs will join an increasingly crowded airspace filled with drones and commercial aircraft, Axios' Joann Muller writes. Given the number of air disasters lately, regulators and the flying public may want better assurances that eVTOLs won't present a new safety risk. What we're watching: Last week, Jones said GDOT officials noted that federal transportation officials might create a different definition about vertiports, though Jones said that should not stop the state from moving forward. What's next: The House Technology and Innovation Committee, which Jones chairs, is scheduled to hear the bill tomorrow.
