A bill filed in the Nevada senate would mean that local authorities could not impose tax on blockchain use if passed.
Bill 398 was introduced on 20 March by senator Ben Kieckhefer is concerned with creating a legal foundation for blockchain contracts and records.
Importantly, under the proposals the use of blockchain technology or licensure would not be taxed by local government in Nevada.
A similar bill was put forward in Arizona in February 2017, showing that there are increasing moves to provide a legitimate legal background of the use blockchain records in American states.
The proposal
The main proposal of the bill is that a local government entity should not be able to:
- impose taxes or fees on the use of a blockchain contract by a person or business
- require any person or business to obtain a certificate, license or permit to utilise a blockchain contract
- impose any other requirement with regards to the use of blockchain contracts
The bill also sets out to make blockchain permissible to use in legal proceedings. The bill text states that “if the law requires a record to be in writing, submission of a blockchain which electronically contains the record satisfies the law.”
The text goes on to say that in a legal proceeding “evidence of a smart contract, record or signature must not be excluded solely because a blockchain was used to create, store or verify the smart contract, record of signature.”
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Interested in hearing leading global brands discuss subjects like this in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.
