Florida Proposes Eliminating State Capital Gains Tax on Crypto and Stocks

The move may spark nationwide crypto tax reforms, aligning with Trump's pro-crypto agenda and reshaping U.S. crypto policy.

Florida is making headlines for a new bill that could eliminate state capital gains tax on crypto and stocks, potentially impacting the prices of Bitcoin (BTC) and XRP and sparking broader crypto tax reforms in the U.S.

The legislation, which is being spearheaded by Florida State Representative Kevin Parker, would exempt state capital gains tax on any profits realized from crypto and traditional stock investments.

This move aligns with former President Donald Trump’s pro-crypto agenda and could reshape the U.S. crypto policy landscape.

What’s in Florida’s New Crypto Tax Proposal

A new bill filed in Florida this week could change how Bitcoin, XRP, and stocks are taxed—at least at the state level.

If passed, this legislation would exempt state capital gains tax on crypto and traditional stock profits, setting a powerful precedent in the U.S. and potentially driving crypto adoption nationwide.

This legislation, which is being spearheaded by Florida State Representative Kevin Parker, would exempt state capital gains tax on any profits realized from crypto and traditional stock investments.

This legislation, House Bill 741, is being filed for the upcoming legislative session, which begins in March.

The bill’s aim is to exempt capital gains tax on cryptocurrencies, stocks, and other securities at the state level.

It also seeks to modify the existing tax rate on interest income, aiming to reduce it from 2.5% to 2.0% on the first $50,000 and further decrease it to 1.0% for income above that threshold.

Bitcoin and XRP React Positively

In the past 24 hours:

BTC price is up by 2.06%.

XRP price is up by 0.44%.

Short-term trends show:

BTC put in a new 3-month high today.

Some analysts believe this proposal could help push Bitcoin to $135,000 in the next 3 months.

Aligns With Trump’s National Crypto Vision

This move aligns with former President Donald Trump’s vision for a more crypto-friendly America.

During his presidency, Trump expressed openness to exploring the potential of crypto and blockchain technology.

In 2021, Trump signaled his interest in eliminating capital gains taxes, which could tie into broader plans to reduce the overall tax burden on Americans.

This initiative comes at a time when Paycoin founder Steve Ellis has voiced concerns over the stifling effect of excessive taxation on crypto in America.

Ellis, a vocal critic of high taxes on crypto in the U.S., has pointed out that despite Bitcoin’s price appreciation, investors may not be able to fully reap the benefits due to the hefty tax implications.

Public Opinion: A Divided Response

Supporters say:

This bill could attract new residents and businesses to Florida, boosting the state’s economy.

It would also help to align state tax policy with the economic realities of the 21st century.

Critics warn:

This bill would disproportionately benefit wealthy investors at the expense of low-and middle-income families.

It would also reduce state revenue, which could lead to cuts in important programs and services.

Why This Matters for the Entire Crypto Market

If Florida passes this bill, it could spark a wave of similar legislation in other Republican-led states.

That momentum may:

Align Trump’s pro-crypto agenda with action in state legislatures.

This bill is a significant development in the U.S. crypto space.

It remains to be seen whether the bill will be passed by the Florida legislature. However, the fact that it is being introduced is a testament to the growing strength of the crypto lobby in the U.S.

Final Take

This isn’t just a Florida story—it’s a potential turning point for U.S. crypto policy.

Whether you’re a crypto investor, trader, or builder, keep an eye on this bill—it might shape the next phase of crypto growth in America.