Florida’s Tax-Free Crypto Revolution: Bitcoin & XRP Gains Now Untaxed?
Florida proposes eliminating state capital gains tax on Bitcoin, XRP, and stocks, aiming to attract crypto investors and boost market growth.
Florida has introduced a groundbreaking bill aiming to eliminate state-level capital gains taxes on Bitcoin, XRP, and traditional stock investments. If passed, this legislation would make Florida the first U.S. state to offer such a tax exemption, potentially positioning it as a leading hub for crypto and fintech innovation.
The proposed bill, championed by Florida’s Republican leadership, seeks to attract both retail and institutional investors by allowing them to retain more of their profits from digital and traditional assets. While federal capital gains taxes would still apply, the state-level relief could significantly enhance Florida’s appeal to investors.
Market reactions have been swift, with Bitcoin’s price rising by 2.4% to approximately $109,835, and XRP increasing by 2.2% to around $2.34 in the past 24 hours. Analysts suggest that such policy shifts could drive Bitcoin’s price toward $135,000 within the next 100 days.
This legislative move aligns with a broader national trend toward crypto-friendly policies and could inspire similar initiatives in other states. However, critics warn of potential complications with tax compliance and disparities with federal regulations.
