Fortune “Missouri, Likely to Abolish Capital Gains Tax Including Cryptocurrency…Expected to Be the First Case in the U.S.”
Fortune reported that Missouri in the United States is likely to become the first state to abolish capital gains taxes imposed on transactions of assets such as cryptocurrencies and stocks.
According to the report, the bill has already passed the Missouri state legislature, and is currently awaiting the governor's final signature. Fortune stated, “Given the political climate, the governor's signature is virtually certain, and the likelihood of the bill being implemented safely is very high.”
If the bill goes into effect, Missouri will become the first state in the United States to abolish capital gains taxes on cryptocurrencies, stocks, and other assets. This could act as a strong tax incentive for attracting investors and stimulating the economy, suggesting that similar movements may spread to other states.
Industry officials see this measure as a particularly great boon for cryptocurrency investors and view it as a signal of Missouri's intent to create a digital asset-friendly regulatory environment.
Meanwhile, since federal capital gains taxes remain in place, investors in Missouri will be exempt from state taxes but will continue to have federal tax obligations. Nevertheless, this change is expected to have a significant impact on the asset taxation system within the United States.