HOUSE BILL 585
RS31183 / H0585
This legislation guarantees the right to mine and transact using virtual currency by prohibiting punitive taxes and regulations. Due to the threat of inflation, central bank digital currencies, and the stability of the banking system there is a need for Idahoans to protect their wealth. This legislation amends the Idaho Digital Assets Act to clarify what constitutes virtual currency and provides protections for commercial and private mining, custody, and transactions. It also declares virtual currency exempt from taxation when used as a form of payment in a transaction. Finally. it defines central bank digital currency, excludes it from the Idaho Uniform Commercial Code's definition of money, and prohibits state engagement with the protocol.
Revenues from taxes on virtual currency come to the state in a taxpayer's total adjusted gross income and are subjected to the state income tax. This legislation is anticipated to have a negligible-to-zero effect on the General Fund.
| Date | Description |
|---|---|
| 02/16 | Introduced, read first time, referred to JRA for Printing |
| 02/19 | Reported Printed and Referred to Business |
| 03/01 | Reported out of Committee with Do Pass Recommendation, Filed for Second Reading |
| 03/04 | Read second time; Filed for Third Reading |
| 03/05 | U.C. to hold place on third reading calendar one legislative day |
| 03/06 | U.C. to hold place on third reading calendar one legislative day; objection |
| 03/07 | U.C. to place at bottom of House bills of third reading calendar one legislative day |
| 03/07 | U.C. to hold place on third reading calendar one legislative day |
| 03/08 | Read Third Time in Full – U.C. to be placed on General Orders, no objection |
| 03/15 | Referred to the Committee of the Whole |
| 03/15 | Reported out without recommendation as amended |
| 03/15 | Amendments Referred to the JRA for Printing |
| 03/15 | Bill as Amended Referred to JRA for Engrossing |
| 03/18 | Reported Engrossed; Filed for First Reading of Engrossed Bills |
| 03/18 | Read first time as amended; filed for Second Reading |
| 03/19 | Read second time as amended; Filed for Third Reading |
| 03/19 | Rules Suspended: Ayes 70 Nays 0 Abs/Excd 0, read in full as required – FAILED - 30-40-0 AYES – Alfieri, Andrus, Cannon, Clow, Crane(12)(Crane), Crane(13), Dixon(1), Ehardt, Ehlers, Gallagher, Hawkins, Hill, Kingsley, Lambert, Manwaring, Mendive, Mitchell, Monks, Palmer, Pickett, Price, Redman, Scott, Shepherd, Skaug, Tanner, Vander Woude, Wisniewski, Young, Mr. Speaker NAYS – Achilles, Allgood, Barbieri, Berch, Blanksma, Boyle, Bundy, Burns, Cheatum, Chew(Beazer), Cornilles, Dixon(24), Durrant, Erickson, Furniss, Galaviz, Gannon, Garner, Green, Handy, Healey, Holtzclaw, Horman, Lanting, Mathias, McCann, Mickelsen, Miller, Necochea, Nelsen, Petzke, Raybould, Raymond, Roberts, Rubel, Sauter, Weber(Mendenhall), Wheeler, Wroten, Yamamoto Absent – None Floor Sponsor - Price Filed in Office of the Chief Clerk |