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October 16, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Connecticut lawmaker proposes fee on in-state cryptocurrency transactions

While Connecticut’s state legislature will soon be debating the return of highway tolls and a potential gas tax hike, one lawmaker is calling for a new revenue stream by placing a fee on cryptocurrency transactions.

State Rep. Patricia Dillon (D-New Haven) has submitted Proposed Bill No. 5001, which seeks to “impose a fee on transactions involving virtual currency.” Dillon’s proposed bill makes no mention of the size of the fee, which state agency would be in charge of collecting the fee or when it would be put into place.

If the proposed bill becomes law, Connecticut would be the first state to impose fees on residents who trade or transfer cryptocurrencies. At a federal level, cryptocurriences have been designated as commodities by the Commodity Futures Trading Commission, while the Internal Revenue Service said cryptocurrencies should be treated as property for tax purposes.