Laws in Georgia, USA, may change in the direction of tax cuts for those engaged in mining.
The Georgia House of Representatives is considering Law No. 1342, which implies a reduction in tax payments for those engaged in mining.
The state is guided by the hope that tax breaks will make it possible to attract organizations aimed at cryptocurrency mining to Georgia. The document dated 02/14/2022 provides for the removal from the state tax base of activities aimed at “the sale or use of energy resources that are used for commerce in the mining and cryptocurrency resources.” The law was developed by the forces of 5 Republican deputies.
To exclude mining farms from the total taxable base, it is necessary that the total area of the farm should be at least 6950 square meters. Legislators predict that when the law comes into force, at least 56 thousand farms will work in the state next fall. A preliminary agreement was also concluded with organizations such as Bit5iv, Holdings, Bitmain.
It is worth saying that the spring of 2021 was marked by similar reductions in tax payments in Kentucky.
