The Connecticut General Assembly to address blockchain at legislative session

general-assembly-blockchain-2019

In the upcoming 2019 legislative session, The Connecticut General Assembly will discuss how the state can help develop the workforce needed to successfully adapt blockchain technology to many diverse sectors, according to the Office of Legislative Research report published January 7.

The Office of Legislative Research identifies and summarizes important issues the General Assembly may face in the upcoming legislative session. OLR report represents the professional, nonpartisan views of staff in OLR, in consultation with the Office of Fiscal Analysis (OFA) and the Legislative Commissioners’ Office (LCO).

 

According to the report, blockchain is one of the major issues this year that will be addressed by lawmakers.

“Blockchain, the technology enabling cryptocurrency (e.g., Bitcoin), is a digital, decentralized ledger that keeps a record of all transactions that take place across a peer-to-peer network. But, like any new technology, it strains legal and financial systems designed for an earlier era. Given blockchain’s promises and challenges, the legislature may consider proposals to amend banking, contract, or other laws to accommodate this technology. It may also consider how the state can help develop the workforce needed to successfully adapt blockchain technology to many diverse sectors,” the report says.

The Connecticut General Assembly will also review its policies on State Tax Relief and Restructuring in finance sector.
“Over the past few months, policymakers and stakeholders across the state have proposed a number of tax changes aimed at improving the state’s business climate and providing residents with tax relief. These have included proposals to expand the state’s property tax credit against the personal income tax, cut the state’s corporation business tax rate, reduce or eliminate the business entity tax, eliminate the estate and gift tax, and reduce property tax burdens for homeowners and businesses. The General Assembly may take up these proposals during the 2019 session, while also considering ways to compensate for these tax relief measures by making structural changes to the state’s tax code or adjustments to the budget,” OLR report says.