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Breaking: Colorado becomes the first state to accept Bitcoin as payment for taxes

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Breaking: Colorado becomes the first state to accept Bitcoin as payment for taxes


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(Kitco Information) – The U.S. state of Colorado has simply develop into the primary state to just accept crypto for tax funds. Colorado Governor Jared Polis introduced the brand new improvement on the Denver Startup Week on Monday. 

In keeping with the Colorado Division of Income’s (CDR) web site, “cryptocurrency” is now listed as a type of cost, with crypto transactions facilitated by way of the “PayPal Cryptocurrencies Hub.”

Based mostly on the foundations outlined by the CDR, cryptocurrency funds will solely be obtainable on PayPal private accounts, and customers are required to have the complete worth of an bill held in a single cryptocurrency of their PayPal crypto hub account. 

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Enterprise accounts aren’t permitted to make cryptocurrency funds presently. The charge to make use of the service is $1.00 plus 1.83% of the cost quantity. Further charges, reminiscent of PayPal buy charges or miner/fuel charges might also apply. 

Crypto cost choices at present supported by PayPal embody Bitcoin (BTC), Ether (ETH), Bitcoin Money (BCH) and Litecoin (LTC). 

This improvement from Polis is no surprise because the governor, who was elected in 2019, is a long-time crypto advocate and one of many co-founders of the Congressional Blockchain Caucus in 2016. 

As an fascinating facet notice, Governor Polis accepts marketing campaign contributions within the type of crypto and is at present fundraising for his reelection marketing campaign by promoting nonfungible tokens (NFTS) for $52.80 every. As of Monday, 175 of the NFTs have been bought since June. 



Earlier in 2022, Polis expressed his intentions to push for crypto tax funds within the state, which has now develop into a actuality. 

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“As a state, we’re on the forefront of digital innovation, whether or not it is making use of blockchain and shared-ledger expertise as a brand new mannequin for funding, or whether or not it is merely being consumer-friendly and ensuring that we permit for the form of innovation that can disrupt legacy enterprise practices and authorities practices to make them extra environment friendly,” Polis mentioned throughout an occasion this week, based on the Denver Enterprise Journal. 

Following this new integration, Colorado residents can use cryptocurrency to pay particular person earnings tax, enterprise earnings tax, gross sales and use tax, withholding tax, severance tax and excise gasoline tax.
 

Disclaimer: The views expressed on this article are these of the creator and should not replicate these of Kitco Metals Inc. The creator has made each effort to make sure accuracy of knowledge offered; nevertheless, neither Kitco Metals Inc. nor the creator can assure such accuracy. This text is strictly for informational functions solely. It isn’t a solicitation to make any change in commodities, securities or different monetary devices. Kitco Metals Inc. and the creator of this text don’t settle for culpability for losses and/ or damages arising from using this publication.



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Colorado

Live updates: Stars strike first in pivotal Game 3 thanks to rookie Logan Stankoven

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Live updates: Stars strike first in pivotal Game 3 thanks to rookie Logan Stankoven


A rollercoaster of a second-round series thus far between the Dallas Stars and the Colorado Avalanche continues Saturday with a pivotal Game 3.

After Dallas collapsed in a Game 1 loss and nearly did the same in its Game 2 win, the Stars take the ice for the series’ third game perhaps seeking a bit of stability and consistency. They’d surely take another early, multi-goal lead, though they’ve made a production out of clinging to those leads vs. the Avs.

Can the Stars strike early again, this time on enemy ice in Denver? Is another nail-biting third period in store? Follow along below for live updates as the puck drops for Game 3.

Who to follow: @lassimak, @dmn_stars

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Stars brace for adjustments while playing in altitude at Ball Arena

Game updates:

Second period, 12:30 remaining: The score remains 1-0. Both goalies have traded highlight saves in the second period, though the Stars’ shots on goal are still few and far between. They’ve got just seven to Colorado’s 16.

Dallas will go on its first power play of the game when action resumes.

Second period, 18:00 remaining: The Stars began the second period with some penalty kill cleanup left over from the first period. Dallas shut down the Colorado powerplay for the third time tonight, keeping the score 1-0.

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End of 1st: Stars 1, Avalanche 0

First period, 1:21 remaining: The Stars strike first.

21-year-old Logan Stankoven notches the first playoff goal of his young career to give the Stars a 1-0 lead just before the end of the first period. Dallas takes the lead into the intermission.

First period, 4:00 remaining: Dallas has killed off its second penalty of the game, a trend they probably won’t want to continue. The Stars have committed three penalties in the first period, the first negated by a coinciding Colorado penalty.

It wasn’t without a close call, as Jake Oettinger got a little help on this near-goal for the Avs:

First period, 9:50 remaining: The Stars and Avs are scoreless through the first half of the first period, but the same blistering pace that we saw in the first two games has continued. Goalies Jake Oettinger and Alexander Georgiev have held up so far, however.

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The Stars killed off the game’s first powerplay after a Mason Marchment penalty, though the biggest play that occurred on Colorado’s man-advantage was Georgiev’s stop on a Jamie Benn shorthanded breakaway attempt.

Game remains 0-0.

Pregame updates:

8:37 p.m.: Stars expected lines:

Robertson-Hintz-Stankoven

Marchment-Duchene-Seguin

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Benn-Johnston-Pavelski

Dadonov-Steel-Smith

Harley-Heiskanen

Lindell-Tanev

Suter-Lundkvist

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Oettinger

Pregame reading

— Stars brace for adjustments while playing in altitude at Ball Arena

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— Jamie Benn’s physicality unraveled the Stars last postseason. This year, it’s set a tone

— Miro Heiskanen’s ‘quiet swagger,’ impact on Stars’ postseason shouldn’t be overlooked

— Dallas’ stars finally shine in Game 2 win vs. Avalanche: ‘The right guys got on the board’

— Five thoughts from Stars-Avalanche Game 2: Big names have big night as Dallas evens series

    Stars-Avalanche playoff central: How to watch, storylines and more
    Stars brace for adjustments while playing in altitude at Ball Arena

Find more Stars coverage from The Dallas Morning News here.





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Dozens of Colorado dairy farm workers monitored for bird flu symptoms

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Dozens of Colorado dairy farm workers monitored for bird flu symptoms


The Colorado Department of Public Health and Environment confirmed Friday that approximately 70 dairy farm workers are currently being monitored for possible symptoms of avian flu. 

The 70 workers were recently exposed to the virus while employed at two Colorado dairy farms. Neither the farms or the workers have not been identified. 

None of the workers are reporting symptoms of infection at this time, a CDPHE spokesperson confirmed. The agency will coordinate testing for any of the workers who do report symptoms and ensure flu antiviral drugs are available to them.

The U.S. Department of Agriculture first detected bird flu in a Colorado dairy herd on April 25. 

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 RELATED  Bird flu found in norteastern Colorado dairy herd

The second Colorado herd tested positive Wednesday. 

The virus was first discovered in a Texas dairy herd in late March. One person from that Texas farm became mildly symptomatic. That is, to this point, the only person to become ill due to the virus’s transmission to dairy herds. That person is the first to contract this particular strain of the virus from another mammal, per the World Health Organization. The first person to contract it directly from birds was an inmate working at a commercial poultry facility near Montrose two years ago.

RELATED  Colorado man tests positive for avian flu (2022)

Highly Pathogenic Avian Influenza (HPAI) H5N1 highly contagious and often deadly in birds, and can be easily transmitted between domestic poultry and wild birds.     

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“It is important to note that “highly pathogenic” refers to severe impact in birds, not necessarily in humans,” according to the Federal Food and Drug Administration. 

The potential is there, however, for pandemic levels of bird fly. According to the results a 2023 study, severe infections can cause human death at a high rate. In tests, a dozen laboratory monkeys inhaled an aerosol dose of the virus. Four of the six unvaccinated monkeys developed acute respiratory disease and died. The six vaccinated monkeys became ill but survived.  

“Human infections with avian influenza viruses can happen when virus gets into a person’s eyes, nose or mouth, or is inhaled,” as stated by the Center for Disease Control and Prevention. “This can happen when virus is in the air (in droplets, small aerosol particles, or possibly dust) and deposits on the mucus membranes of the eyes or a person breathes it in, or possibly when a person touches something contaminated by viruses and then touches their mouth, eyes or nose.”

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In the latest count, 42 dairy herds in nine states have tested positive. The federal government’s testing on the commercial milk supply has found “fragments” of the virus in milk after it was pasteurized. Thus, the USDA declared the nation’s milk supply to be safe, and pointed out higher risks to consumers who drink or cook with untreated raw milk. 

Still, the USDA is regularly conducting tests for the virus. It has also issued an order requiring the testing of any lactating dairy cattle that cross state lines.

The USDA is offering up to $28,000 in support to each of the 42 dairy farms and their workers. The funds can be used to provide personal protective equipment for the workers; enhanced biosecurity for other workers such as feed truck drivers, milk haulers and veterinarians; increased veterinary costs to dairy operators; and heat treatment systems (similar to pasteurization) used to deactivate the virus in milk that is disposed of by the dairy farms. 

The USDA is also taking steps to make funding available to compensate dairy farmers for the loss of milk production attributable to the virus. The effect of bird flu on the health of the dairy cattle is moderate. The cows exhibits decreasing appetite and lower milk production, but rebound with treatment.

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“I have seen many infected cows and they look dull and depressed, similar to how humans feel during a viral infection,” wrote a veterinarian and epidemiologist at Colorado State University, Jason Lombard.  

RELATED  “Largest avian flu outbreak in U.S. history” has killed has killed 52 millions birds, 4.7 million in Colorado (2022)

How the disease has been transmitted to dairy cattle has not been confirmed.  

Bird flu has proven fatal to several cats on dairy farms in Texas, New Mexico and Ohio that tested positive for bird flu, according to the American Veterinary Medical Association. 

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Bill Designed to Incentivize Colorado's Quantum Ecosystem Clears Major Legislative Hurdle

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Bill Designed to Incentivize Colorado's Quantum Ecosystem Clears Major Legislative Hurdle


Insider Brief

  • A bill to incentivize the adoption of quantum tech in Colorado has passed its third reading in the state Senate without any amendments.
  • With this third reading without alterations, the bill has cleared a critical legislative hurdle and moves on in the process.
  • The legislative success is a sign of support for Colorado’s quantum technology ecosystem with strategic tax incentives, among other programs and initiatives.

In what might be another critical step in the development for Colorado’s ambition to become a quantum initiative center, a bill to incentivize the adoption of quantum tech in that state has passed its third reading in the Senate without any amendments earlier this week.

The passage of its third reading means that the bill has cleared a critical legislative hurdle in the state Senate. It has maintained its original form without any alterations, and will now move on to the next step in the legislative process.

Supporters say this legislative success is a hopeful sign of the state’s backing of its quantum technology ecosystem with strategic tax incentives, among other programs and initiatives. The bill introduces tax credit programs aimed at fostering the development of quantum technology in Colorado, contingent upon the state securing substantial federal funding.

Corban Tillemann-Dick, CEO of Maybell and Co-Founder of Elevate Quantum, is excited about this next step in the process, as well as the overall program, which he says will significantly boost the growing quantum ecosystem in that state. The program is only part of the investment potential generated by the bill.

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“As the CEO of a rapidly growing quantum startup, it’s exciting to see the State of Colorado seize the initiative by backing globally-unique policies like the loan guarantee program,” said Tillemann-Dick. “Scale-up loan capital is particularly hard to access for new companies in new industries, holding back the development of important technologies like quantum. This $74 million bill will unlock $1 billion in private capital for fast growing Colorado companies. It gives US companies the capital they need to compete with China, currently the only place globally where quantum organizations can access loan capital at this scale. I’m confident this program alone will generate billions in returns and deliver key capabilities for our nation’s security.”

The bill’s primary focus is the creation of a 100% refundable income tax credit for investments in fixed capital assets — long-term physical assets used in business operations — to establish a shared quantum facility. This incentive, effective for income tax years starting January 1, 2025, and ending before January 1, 2033, aims to support projects that create central hubs for quantum business activities. The maximum aggregate amount for this facility credit is capped at $44 million, with a limit of $24 million for credits claimed in the year the project is placed in service. Qualified applicants may be individual entities or consortia working on eligible projects, as long as they are approved by the Office of Economic Development.

The process for claiming the facility credit involves several steps. Applicants must submit a facility credit reservation application to the Office of Economic Development, undergo preliminary and final reviews and obtain a facility credit reservation. Upon completing the project, applicants must certify their qualifying investments, after which the office reviews the project and investments before issuing a tax credit certificate. This certificate must be filed with the Department of Revenue. The bill also includes provisions for recapturing the credit if the project fails to maintain its eligibility status during a specified compliance period.

Additionally, the bill introduces a 100% refundable income tax credit to offset losses from loans made to quantum companies, effective for income tax years starting January 1, 2026, and ending before January 1, 2046. This loan loss reserve tax credit aims to mitigate financial risks for lenders supporting the quantum technology sector, according to the legislation. The credit amounts to up to 15 cents per dollar of an eligible loan, with a total cap of $30 million for all loan loss credits.

The Office of Economic Development or a contracted third-party administrator will manage the credit distribution, potentially using a competitive lender selection process.

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Expanding Economic Impact

By providing these tax incentives, Colorado could draw in additional federal funds, with the ultimate aim being the creation of a robust quantum technology ecosystem. That expanded ecosystem could include the construction of new physical spaces that attract students, researchers and entrepreneurs, said Massimo Ruzzene, University of Colorado Boulder vice chancellor for research and innovation and dean of the institutes.

“This bill takes a pivotal step by supporting the construction of a state-of-the-art quantum technology incubator,” said Ruzzene. “This facility—a collaboration between CU Boulder, Colorado School of Mines, CSU, and Elevate Quantum—will bridge the gap between higher education research labs and the quantum industry, exponentially expanding the economic impact of quantum science and technology in Colorado.”

Zachary Yerushalmi, CEO and Regional Innovation Officer of Elevate Quantum, added that the legislation is a good example of the intentionality needed to craft technological ecosystems, in this case, quantum tech, which could perhaps be history’s most complex technological endeavor.

“From semiconductors to biotech leadership, history has shown that globally leading technology clusters don’t emerge at random. Their success comes from deliberate and bold investments in the tools of innovation engines,” said Yerushalmi. “The investments by the State of Colorado that passed the General Assembly this week follow in the footsteps of the most defining and forward-looking technology investments of our time,” said. “These policies will create tens of thousands of jobs, billions in impact, and ensure that Colorado and the US will continue to lead the quantum economy for decades to come.”

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Loan Program Specifics

The legislation offers a glimpse into the mechanics of the loan program. For example, lenders must register their loans with the administrator to qualify for the loan loss credit, which can be claimed only after incurring a loss on a registered loan. The administrator will review applications, issue loan loss tax credit certificates and then periodically update the status of registered loans. Qualified applicants can use these certificates to offset losses incurred on registered loans, ensuring financial stability while supporting the growth of quantum businesses.

The bill mandates annual reporting to the General Assembly by the Office of Economic Development and the administrator on the status and effectiveness of the facility and loan loss credits. Legislators how this transparency improves accountability and allows for policy adjustments along the way to optimize the implementation and impact of the incentives.

This is a summary of the legislation and program, for a deeper dive into the legislation, please review terms of the bill here.

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