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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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Women’s Fund of Rhode Island, leaders celebrate Women’s History Month with panel event

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Women’s Fund of Rhode Island, leaders celebrate Women’s History Month with panel event


Women’s Fund of Rhode Island and U.S. Sen. Jack Reed celebrated Women’s History Month in Cranston with a panel discussion on Monday.

The event was held at the Cranston Public Library at 9 a.m.

Reed and other leaders of WFRI hosted a panel discussion with women leaders in environmental and agricultural advocacy, education, community resilience, housing, finance, workforce development, and more, officials said.

Women’s Fund of Rhode Island and U.S. Sen. Jack Reed celebrated Women’s History Month in Cranston with a panel discussion on Monday. (WJAR)

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“Women have played a critical role in this process, most often without any recognition,” Reed said. “Today’s panel brings together an extraordinary group of women who are addressing the challenged of sustainability from various angles and I want to thank you all for your great efforts.”

The panelists highlighted their experiences, shared insights and tips on lifting up women’s voices, provided strategies for sparking change and more.

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According to officials, some of the panelists included Executive Director of the Rhode Island Food Policy Council Nessa Richman, Executive Director of Strategic Initiatives at Rhode Island College Kim Bright, Newport Housing Authority Executive Director Rhonda Mitchell and more.

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Man allegedly kills man in R.I. before causing car crash that killed 2 in Mass.

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Man allegedly kills man in R.I. before causing car crash that killed 2 in Mass.


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“On behalf of the Cranston Police Department, I want to extend my deepest condolences to the family and loved ones of Javon Lawson and the two individuals who were killed in the crash in Swansea,” Col. Michael J. Winquist said.

A Seekonk man is accused of murder after he allegedly shot and killed a man in Rhode Island before causing a car crash in Swansea that killed two people last week, police said.  

Demitri Sousa, 28, is charged with murder, using a firearm while committing a crime of violence, and carrying a pistol without a license, the Cranston Police Department said.

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The shooting occurred Thursday night in Cranston, police said in a press release.

That night, Sousa allegedly arrived at the Cranston home of Javon Lawson, 35. Sousa began banging on the side door of the home, police said. 

When Lawson approached the door, he was hit by gunfire from outside, police said.

First responders transported Lawson to the Rhode Island Hospital, where he was pronounced dead, Cranston police said.

“Based on the preliminary investigation, the motive is believed to be a dispute between the suspect and the victim over a mutual female acquaintance. Detectives are continuing this investigation to gain more insight, as well as to collect and analyze evidence,” Colonel Michael Winquist, Chief of Cranston police, said in an emailed statement to Boston.com.

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Neighbors gave police video footage that “showed a male subject wearing dark clothing and a mask walking toward the residence moments before the shooting and fleeing immediately afterward,” Winquist said.

The suspect was also seen running to a white Infiniti sedan which then drove off, the Cranston police chief said.

Shortly after the shooting, a license plate reader captured the vehicle driving southbound on Route 10, and then later in Fall River and Westport, Massachusetts. The sedan’s license plate was registered in Sousa’s name, Winquist said.

At around 12:18 a.m. Friday, Swansea police spotted Sousa’s Infiniti barreling down Route 6, Swansea officials said.

Just moments later, Sousa allegedly “crashed into the side of another vehicle, a blue 2022 Subaru Ascent that had been traveling southbound on Route 136,” Swansea Police Chief Mark Foley and Fire Chief Eric Hajder said in a joint press release.

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Both vehicles had “catastrophic damage,” and the struck car was engulfed in flames, the Swansea officials said.

The driver and passenger of the hit car — a man and a woman — were declared dead at the scene, they said.

“Swansea Police had been alerted to be on the lookout for the suspect vehicle. However, Swansea Police were not involved in the pursuit and were not pursuing the vehicle at the time of the crash,” the Swansea chiefs wrote. Swansea official have not announced charges related to the fatal crash.

Sousa had been driving the Infiniti and appeared to be suffering from serious injuries, Winquist said. Inside the car, police found a pistol and “additional .22 caliber ammunition was recovered” from Sousa at Rhode Island Hospital, Winquist said.

Police arrested Sousa and transported him to Rhode Island Hospital. Sousa is expected to survive, Winquist said. Sousa will be held in Cranston police custody until he is conscious and medically cleared, Winquist said.

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“On behalf of the Cranston Police Department, I want to extend my deepest condolences to the family and loved ones of Javon Lawson and the two individuals who were killed in the crash in Swansea,” Winquist said.

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Rhode Island men’s basketball extends slide with loss to St. Joseph’s

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Rhode Island men’s basketball extends slide with loss to St. Joseph’s


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SOUTH KINGSTOWN – Whatever hopes the University of Rhode Island harbored for a men’s basketball Senior Day upset of Saint Joseph’s disappeared on a rare made 3-pointer. 

Jaiden Glover-Toscano connected on just one of his eight attempts from deep, and it turned out to be a backbreaker. The Hawks mustered just enough offense to hold off the Rams at the Ryan Center in an Atlantic 10 rock fight that went to the visitors. 

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Glover-Toscano hit from the left wing with 3:37 left, restoring a two-possession lead. Saint Joseph’s did just enough from there to finish a 61-55 victory on Feb. 28 and extend URI’s late-season slide. 

“We needed to get that stop,” URI coach Archie Miller said. “It was in the balance. Those last three minutes, whoever was going to make the play or get the stop was going to win.

“They made a big shot right there.” 

The Rams cut a 13-point deficit all the way to 56-55 when Tyler Cochran knocked down both ends of a 1-and-1 at the line with 3:54 left. The Hawks overloaded the right side on the ensuing possession, and Derek Simpson got a step on his man toward the paint. He fired a crosscourt pass to Glover-Toscano that caught URI’s defense rotating, and the air came out of the announced 6,391 fans in the building when the net rippled in front of the visiting bench. 

“We weren’t able to convert,” Miller said. “That’s kind of the name of the game. You’ve got to have some plays go your way.” 

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Myles Corey missed a 3-pointer at the other end, and Simpson played facilitator again to give Saint Joseph’s more of a cushion. He found Justice Ajogbor rolling to the rim for a slam with 2:36 left and it was a six-point game. Neither team scored again on an afternoon where they both shot under 40% from the field and went a combined 10-for-61 from deep. 

“The bottom line for our team today – and let’s just keep it simple – is we didn’t make a shot,” Miller said. “We really struggled to shoot the ball.” 

The Hawks built their largest lead with 13:53 to play, thanks to what was a major sore spot on the afternoon for the Rams. URI couldn’t inbound the ball after an Ajogbor free throw, and Jonah Hinton was called for an offensive foul. Simpson drove for a two-hand slam on the ensuing possession, part of a 13-0 shutout for the visitors on points off turnovers. 

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“We have no room for error,” Miller said. “That plays a big role.” 

The Rams (15-14, 6-10 Atlantic 10) enjoyed their best stretch of the day after falling into that 44-31 hole. Alex Crawford offered some life with a couple of 3-pointers, and Jahmere Tripp buried another from the left corner to make it a 54-51 game with 5:10 left. Crawford’s hard drive down the right kept it a three-point game, and Cochran’s successful trip to the line put URI in position to steal it late. 

“I feel like we had open shots,” Crawford said. “We had a lot of good looks – shots we usually make.” 

Saint Joseph’s (19-10, 11-5) won its fourth straight and continued an impressive rally from an 0-2 start in league play. The Hawks are on course for a double bye in the upcoming conference tournament, while the Rams look increasingly likely to play on the opening day in Pittsburgh. A home date with Duquesne and a road trip to Fordham wrap the regular season this week, and URI hopes guard RJ Johnson (concussion protocol) will be able to return at some point. 

“It did hurt a little bit,” Crawford said. “You face adversity, you’ve got to find a way to make up for missed players.” 

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SAINT JOSEPH’S (61): Dasear Haskins 5-11 4-5 14, Justice Ajogbor 4-5 1-3 9, Derek Simpson 4-10 4-4 13, Jaiden Glover-Toscano 3-14 0-1 7, Austin Williford 2-9 0-0 5, Khaafiq Myers 4-7 0-0 9, Jaden Smith 1-2 1-3 3, Anthony Finkley 0-2 1-2 1. Totals 23-60 11-18 61.  

RHODE ISLAND (55): Tyler Cochran 2-13 8-8 13, Keeyan Itejere 4-5 2-2 10, Jahmere Tripp 4-12 2-3 11, Jonah Hinton 2-11 0-0 5, Myles Corey 1-8 1-4 4, Alex Crawford 4-6 2-4 12, Jalen Harper 0-6 0-0 0, Drissa Traore 0-1 0-0 0. Totals 17-62 15-21 55.  

Halftime – SJ, 30-27. 3-point FG – SJ 4-28 (Haskins 0-3, Simpson 1-5, Glover-Toscano 1-8, Williford 1-8, Myers 1-2, Finkley 0-2), RI 6-33 (Cochran 1-9, Tripp 1-4, Hinton 1-7, Corey 1-4, Crawford 2-3, Harper 0-5, Traore 0-1). Rebounds – SJ 45 (Myers 8), RI 46 (Cochran 15). Assists – SJ 14 (Simpson 5), RI 12 (Corey 4). Turnovers – SJ 13 (Simpson 3, Myers 3), RI 13 (Corey 5). Blocked shots – SJ 7 (Ajogbor 3), RI 4 (Itejere 2, Tripp 2). Steals – SJ 8 (Simpson 3), RI 4 (Tripp 2). Attendance – 6,391. 

bkoch@providencejournal.com 

On X: @BillKoch25 

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