If Governor Mike Kehoe signs HB594 into law, Missouri residents will no longer incur capital gains taxes at the state or federal level when they spend #bitcoin.
More in my latest:
https://bitcoinmagazine.com/news/missouri-bill-would-enable-tax-free-bitcoin-spending
How does this work for federal?
My question as well? How does a state change IRS code?
Good question. I’m not an expert in this matter. I just know, based on what I’ve researched, that the tax code situation in MO is quite unique.
By this I mean how would the feds be ok with the state allowing this as a write off basically…?
From what I understand, MO has unique tax laws that enable the adjusted gross tax income at the state level to also be the federal adjusted gross income. A tax attorney touches on the dynamic in this piece: https://cointelegraph.com/news/missouri-could-become-first-state-eliminate-capital-gains
Let’s pack it up, nostr:npub19pj6f0nc9q6xr26qe3g8m6xe3hwe0d6p6zcvf57cm3kayghjdj0slnlenu. We’re moving to MO.
No, its terrible, trust me, absolutely awful, the worst... just don't come here
