Crypto mining tax, energy incentives sent to Kentucky’s governor for final approval

Mar 18, 2021 | The Block News | 0 comments

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Kentucky’s legislature has cleared a pair of proposed laws that collectively aim to attract cryptocurrency mining companies to the U.S. state.

As The Block reported last week, one measure — focused on clean-energy incentives — passed both chambers of the Kentucky General Assembly. Another, aimed at providing tax incentives to mining firms, was at the time awaiting final approval in the State Senate after getting the thumbs up in the House of Representatives. The Senate passed the tax incentives bill in a 29-7 vote on March 15.

Both measures were introduced and approved in a manner of months, public records show.

Public records indicate that the energy and tax bills were then sent to the desk of Kentucky Governor Andy Beshear on Monday and Tuesday, respectively. It’s not clear at this time when the bills might be signed or if Beshear will move to veto them. Beshear signed a bill into law last year that approved a blockchain tech working group.

As reported by the Kentucky publication Lexington Herald-Leader, the bills join a raft of hundreds of millions of dollars worth of tax breaks approved this week by state lawmakers. Such a move has drawn critics in the state, the publication notes, and came just as the General Assembly approached the state of a two-week legislative break. 

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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