The U.S. Treasury Department proposes a 30% excise tax on electricity costs for crypto mining facilities

Binance News · 2023-03-10T02:52:09.000Z

U.S. President Biden unveiled a $6.9 trillion budget proposal. According to the "Budget Supplement" released by the U.S. Department of the Treasury on March 9, any company that uses resources, including own resources and leased resources, will be charged an amount equivalent to "30% of the cost of electricity used in digital asset mining." consumption tax. One of the provisions proposes a phased excise tax based on the cost of electricity used in cryptocurrency mining, and the companies would be required to report their electricity consumption and the type of electricity used. The document proposes that new taxation rules be implemented after December 31, phased in at an annual rate of 10% over three years, reaching a maximum rate of 30% in the third year. (Cointelegraph)

US President Biden announced a $6.9 trillion budget proposal. According to the "Budget Supplementary Explanatory Document" released by the US Treasury Department on March 9, any company that uses resources, including owned resources and rented resources, will be subject to a consumption tax equal to "30% of the cost of electricity used in digital asset mining." One of the provisions proposes to impose a consumption tax in stages based on the cost of electricity used in cryptocurrency mining, and these companies will be required to report their electricity consumption and the type of electricity used.
The document proposes that the new tax rules be implemented after December 31, and will be phased in at an annual rate of 10% over three years, reaching a maximum tax rate of 30% in the third year. (Cointelegraph)