Minnesota Bitcoin Act proposed, payments to the state by cryptocurrency allowed, State Board of Investment authorized to invest in cryptocurrency, and various tax provisions modified.

Related bill: SF2661

Bill text versions

• Introduction PDF file

Actions

[
  {
    "analysis": {
      "added": [
        "Allows investment in certain designated cryptocurrencies."
      ],
      "removed": [],
      "summary": "This bill amends section 11A.24, subdivision 6, authorizing the State Board of Investment to invest in cryptocurrency.",
      "modified": [
        "Clarifies the types of permissible non-traditional assets."
      ]
    },
    "citation": "11A.24",
    "subdivision": "subdivision 6"
  },
  {
    "analysis": {
      "added": [
        "Details on tax payment methods with cryptocurrency."
      ],
      "removed": [],
      "summary": "This bill modifies various tax provisions under section 276.05.",
      "modified": [
        "Updates reporting requirements for tax payments made via cryptocurrency."
      ]
    },
    "citation": "276.05",
    "subdivision": ""
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "The bill updates section 279.025 to include cryptocurrency in acceptable forms of payment.",
      "modified": [
        "Specifies procedures for handling late tax payments made with cryptocurrency."
      ]
    },
    "citation": "279.025",
    "subdivision": ""
  },
  {
    "analysis": {
      "added": [
        "New definitions related to digital currency for tax purposes."
      ],
      "removed": [],
      "summary": "Amendments to section 289A.02 subdivision 8 incorporate cryptocurrency considerations.",
      "modified": [
        "Clarifies interpretation of existing tax terms in the context of digital transactions."
      ]
    },
    "citation": "289A.02",
    "subdivision": "subdivision 8"
  },
  {
    "analysis": {
      "added": [
        "Adjustments for cryptocurrency exchange rate fluctuations."
      ],
      "removed": [],
      "summary": "Section 290.033 now includes provisions for calculation adjustments when taxes are paid using cryptocurrency.",
      "modified": [
        "Specifies documentation required for tax returns involving cryptocurrencies."
      ]
    },
    "citation": "290.033",
    "subdivision": ""
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "The legislation amends section 290.091, subdivision 2, to address tax liability assessments with cryptocurrency.",
      "modified": [
        "Clarifies calculation of estimated tax payments made with digital assets."
      ]
    },
    "citation": "290.091",
    "subdivision": "subdivision 2"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "The adjustments to section 290.0921, subdivision 3, cover the treatment of cryptocurrency in capital gains taxation.",
      "modified": [
        "Includes rules for declaring capital gains or losses from cryptocurrencies."
      ]
    },
    "citation": "290.0921",
    "subdivision": "subdivision 3"
  },
  {
    "analysis": {
      "added": [
        "Allows contributions using cryptocurrency if converted to USD first."
      ],
      "removed": [],
      "summary": "This bill updates section 354B.25, subdivision 2, involving retirement fund allowances.",
      "modified": [
        "Updates guidance for valuing contributions in cryptocurrency."
      ]
    },
    "citation": "354B.25",
    "subdivision": "subdivision 2"
  },
  {
    "analysis": {
      "added": [
        "Guidelines for incorporating digital currencies in portfolio management."
      ],
      "removed": [],
      "summary": "Changes to section 356A.06, subdivision 7, include incorporating digital currencies into asset management protocols.",
      "modified": [
        "Clarifies governance over digital assets within covered pension plans."
      ]
    },
    "citation": "356A.06",
    "subdivision": "subdivision 7"
  }
]

Sponsors

• Rep. Bernie Perryman (R)
• Rep. Dan Wolgamott (DFL)