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Rhode Island

Rhode Island Bill Would Allow State Residents Spend $10,000 Monthly In Bitcoin Tax Free

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Rhode Island Bill Would Allow State Residents Spend ,000 Monthly In Bitcoin Tax Free


Bill S. 0451, which was introduced to the Rhode Island Senate last month, permits the state’s residents and businesses to make up to 10 payments in bitcoin valued at less than $1,000 per month (or sell the equivalent amount) without being subject to state capital gains taxes.

The bill is an amendment to existing state income tax laws, and the exact language in the proposed legislation is as follows:

“Any sale of [b]itcoin by an individual or business in Rhode Island shall be exempt from state taxation if the total value of sales is less than one thousand dollars ($1,000) per diem. The limit of the state tax exempt [b]itcoin transaction shall not exceed ten (10) sales per a thirty (30) day cycle.”

And the bill defines a “sale of [b]itcoin” as “any transaction in which [b]itcoin is sold or exchanged for another form of value, such as fiat currency or other physical or digital assets.”

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The bill also clarifies that this exemption only applies at the state level and that it doesn’t affect federal tax obligations.

Under the bill, individuals and businesses who engage with these types of tax-exempt bitcoin transactions are responsible for keeping records of these transactions, including the total value of sales per day, and should be prepared to provide these records to the Rhode Island’s department of revenue for audit or compliance purposes.

In a slide deck prepared by the Rhode Island Blockchain Council that was shared with Bitcoin Magazine, Chris Perrotta, Chairman of the Council, wrote that the passing of Bill S. 0451 would help to reduce friction for digital asset payments.

He stated that “current tax implications of spending BTC hamper its utility for Rhode Island citizens and stifle economic activity.”

Perrotta also noted that the passing of this bill would stimulate blockchain-based economic activity in the state, making Rhode Island one of the states at the forefront of this technology.

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What is more, he also proposed that small businesses accept bitcoin for products and services as a means to stimulate economic growth.

Thus far, no other U.S. states have introduced comparable bills.

At the federal level, the only bill that has proposed something similar is the Lummis-Gillibrand “Responsible Financial Innovation Act”, which provides a de minimus tax exemption on bitcoin transactions valued up to $200.



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Rhode Island

Morning Notes: Rhode Island Wind Ensemble to kick off Touro Park Summer Concert Series – What's Up Newp

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Morning Notes: Rhode Island Wind Ensemble to kick off Touro Park Summer Concert Series – What's Up Newp


Good Morning, Newport! Today is Sunday, June 8, the 159th day of 2025. There are 206 days left in the year.

🚨 You need to know

Get ready for some outdoor music in Newport this summer. Touro Park is kicking off its free concert series today.

The Rhode Island Wind Ensemble, led by Dr. Robert Franzblau, will start things off at 5 p.m. for the Touro Park Summer Concert Series.

The two-hour show will be at the corner of Bellevue Avenue and Pelham Street.

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Our Touro Park Summer Concert Series kicks off on Sunday, June 8, with the Rhode Island Wind Ensemble, under the direction of Dr. Robert Franzblau.

The concert starts at 5:00pm and is free and open to all. Bring a blanket and have a nice picnic dinner while you enjoy a fantastic evening of music in historic Touro Park.

Stop by our tent before or after the concert and see our Mobile Museum Exhibit on music and the Old Stone Mill.

For more information and the full schedule, visit https://www.historicmusicofnewport.org/events/the-rhode-island-wind-ensemble-at-touro-park-ygx8l.

📈 Yesterday’s most-read

The following were yesterday’s most-read What’sUpNewp articles.

  1. Unwanted student ‘treasures’ help stock largest yard sale on Aquidneck Island
  2. On the Market: A look at 44 homes hosting Open Houses this weekend in Newport County (June 7 – 8)
  3. Provence sur Mer serves up elegant French-inspired hospitality 
  4. Mah Jongg tournament to raise funds for Newport Mental Health
  5. Morning Notes: Newport Police seek accreditation renewal, public input invited
  6. Newport native graduates from U.S. Naval Academy
  7. Portsmouth High School celebrates Class of 2025 graduation
  8. Tiverton High School celebrates Class of 2025 graduation
  9. Obituary: Alfaretta Massey
  10. Volpe homers and then forced from game when hit by pitch as Yankees beat Red Sox 9-6

📅 What’s Up Today

Weather Forecast

  • Today: Areas of fog before 9am. Otherwise, mostly cloudy, with a high near 69. North wind 6 to 11 mph becoming east in the afternoon.
  • Tonight: A slight chance of showers after 1am. Patchy fog between 10pm and 2am. Otherwise, mostly cloudy, with a low around 56. Northeast wind 7 to 10 mph. Chance of precipitation is 20%.

Marine Forecast

  • Today: NNE wind 5 to 10 kt becoming E in the afternoon. Areas of fog before 9am. Seas 1 ft or less.
  • Tonight: NE wind 6 to 9 kt. A slight chance of showers after 1am. Patchy fog between 10pm and 2am. Seas 1 ft or less.
  • The coastal water temperature is 58 degrees.

Sun, Moon & Tide

  • Sunrise at 5:11 am. Sunset at 8:18 pm. 15 hours & 6 minutes of sun.
  • High tide at 6:38 am & 6:59 p.m. Low tide at 12:13 am & 11:45 am.
  • The lunar phase is a Waxing Gibbous.

Things To Do

Live Music & Entertainment

Newport County Public Meetings

  • No meetings are scheduled.

Cruise Ship Schedule

Next up on the cruise ship schedule is Volendam on June 10.

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Patriots overcome weather delays to defeat East Greenwich 15-6 at Brown University


The British Motorcars of New England made a grand display in BristolThe British Motorcars of New England made a grand display in Bristol

The British Motorcars of New England (BMCNE) made its annual appearance in Bristol this weekend, June 6-7.

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Teen dies in tragic building collapse at Portsmouth Graduation PartyTeen dies in tragic building collapse at Portsmouth Graduation Party

Three others seriously injured as front stairwell of Portuguese American Citizens Club gives way; 75 people were inside at the time of the incident


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Rhode Island

Take a look at the ceremony at the Rhode Island State House to showcase Portuguese culture

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Take a look at the ceremony at the Rhode Island State House to showcase Portuguese culture


The State House of Rhode Island welcomed community leaders and the general public on June 6 for a ceremony and reception aimed at showcasing Portuguese culture and the many contributions Portuguese-Americans have made to the Ocean State as part of the Day of Portugal celebration.



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Rhode Island

Rhode Island officials say Washington Bridge won’t fully reopen until November 2028 – Boston News, Weather, Sports | WHDH 7News

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Rhode Island officials say Washington Bridge won’t fully reopen until November 2028 – Boston News, Weather, Sports | WHDH 7News


PROVIDENCE, R.I. (WHDH) – Officials in Rhode Island say the Washington Bridge will not fully reopen until November 2028.

They add it will cost $427 million to complete — far more than originally anticipated.

The bridge has been closed since December 2023, when the bridge had a complete structural failure.

(Copyright (c) 2024 Sunbeam Television. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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