Knowledge Center

Thursday, January 11, 2018

Chris Lutz Quoted in Law 360 "Vermont Bill Would Tax Cryptocurrency Transactions"

Below is an excerpt of the article written by James Nani and published on 01/11/18.
Click here to read the full article. 

HMB's Chris Lutz was recently quoted in Law 360 regarding Vermont's novel proposal to tax all cryptocurrency transactions at $0.01 per transaction. Lutz discussed the impact the legislation might have in Vermont while considering the bill in the context of broader regulatory and taxation efforts with respect to blockchain and cryptocurrency technologies across the country. 

Lutz explained that cryptocurrencies are treated as property rather than currency while a number of states have offered limited guidance on the sales tax consequences of purchasing goods and services with cryptocurrency. But Lutz said taxing the transactions themselves appears new.

Click here to contact Chris Lutz with questions.

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