AI Generated Summary
Purpose of the Bill
The Minnesota Bitcoin Act aims to integrate cryptocurrency into the state's financial systems. It proposes allowing the state to accept payments in cryptocurrency and authorizes the State Board of Investment to include cryptocurrency in its investment portfolio.
Main Provisions
- Cryptocurrency Payments: The bill allows payments to the state to be made via cryptocurrency. This could include taxes, fees, or any other payments due to the state.
- Investments: The State Board of Investment is permitted to invest in cryptocurrencies, potentially diversifying the state's investment portfolio.
- Tax Provisions: The bill modifies current tax statutes to accommodate and regulate cryptocurrency transactions, ensuring that taxes can be calculated and collected when payments or investments involve cryptocurrencies.
Significant Changes to Existing Law
- Amendments are proposed to several sections of the Minnesota Statutes to incorporate cryptocurrency as a legitimate form of payment and investment.
- The bill calls for the addition of various subdivisions to existing statutes that specifically address the details and logistics of how cryptocurrencies will be managed in terms of taxation and investment.
Relevant Terms
cryptocurrency, Bitcoin, Minnesota Bitcoin Act, State Board of Investment, investment portfolio, tax provisions, payments, Minnesota Statutes.
Bill text versions
- Introduction PDF file
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| March 16, 2025 | Senate | Floor | Action | Introduction and first reading | |
| March 16, 2025 | Senate | Floor | Action | Referred to | State and Local Government |
| March 23, 2025 | Senate | Floor | Action | Author added |
Citations
[
{
"analysis": {
"added": [
"Authorization for investment in cryptocurrency."
],
"removed": [
""
],
"summary": "This legislation modifies investment authorities under section 11A.24.",
"modified": [
""
]
},
"citation": "11A.24",
"subdivision": "subdivision 6"
},
{
"analysis": {
"added": [
"Provision for accepting cryptocurrency as payment to the state."
],
"removed": [],
"summary": "This legislation modifies financial management and investment practices.",
"modified": []
},
"citation": "16A.626",
"subdivision": ""
},
{
"analysis": {
"added": [
"Allows payment of taxes using cryptocurrency."
],
"removed": [],
"summary": "This legislation modifies tax collection and handling procedures.",
"modified": []
},
"citation": "276.05",
"subdivision": ""
},
{
"analysis": {
"added": [
"Introduction of cryptocurrency for tax settlements."
],
"removed": [],
"summary": "This legislation modifies delinquent tax proceedings.",
"modified": []
},
"citation": "279.025",
"subdivision": ""
},
{
"analysis": {
"added": [
"Definitions related to cryptocurrency."
],
"removed": [],
"summary": "This legislation modifies the definitions related to tax law.",
"modified": []
},
"citation": "289A.02",
"subdivision": "subdivision 8"
},
{
"analysis": {
"added": [
"Incorporation of cryptocurrency in income calculations."
],
"removed": [],
"summary": "This legislation modifies individual income tax provisions.",
"modified": []
},
"citation": "290.033",
"subdivision": ""
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "This legislation modifies tax calculation processes.",
"modified": [
"Consideration of cryptocurrency value fluctuations."
]
},
"citation": "290.091",
"subdivision": "subdivision 2"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "This legislation modifies corporate tax computations.",
"modified": [
"Adjustment for cryptocurrency as corporate assets."
]
},
"citation": "290.0921",
"subdivision": "subdivision 3"
},
{
"analysis": {
"added": [
"Inclusion of blockchain-based assets."
],
"removed": [],
"summary": "This legislation modifies retirement fund investment practices.",
"modified": []
},
"citation": "354B.25",
"subdivision": "subdivision 2"
},
{
"analysis": {
"added": [
"Permits investment in cryptocurrencies."
],
"removed": [],
"summary": "This legislation modifies the governance of public pension plans.",
"modified": []
},
"citation": "356A.06",
"subdivision": "subdivision 7"
}
]