Blockchain Taxation Guidelines Ratified By Nevada Governor
On June 5, 2017, Nevada Senate Bill 398 was approved and signed by Governor Brian Sandoval, establishing taxation guidelines for blockchains, according to the governor's office.
The law was sponsored by Senator Ben Kieckhefer and defines a blockchain as an electronic record which is uniformly ordered and redundantly maintained by one or more computers or machines to guarantee the nonrepudiation of recorded transactions. This definition is the result of amendments to the bill; as ETHNews reported, tech purists may not agree with this interpretation of blockchain technology.
Now law, Senate Bill 398 is the first such Nevada statute to offer an explanation and parameters for tax exemption on blockchain technology.