Florida bill would enact cryptocurrency sales tax holiday

TALLAHASSEE, Fla. – Rep. Webster Barnaby, R-Deltona, introduced legislation that would implement a sales tax holiday for purchases made with virtual currencies like Bitcoin.

“With this bill, we will modernize our tax holidays and ensure that all Floridians can benefit from the great tax holidays passed by the Legislature,” Barnaby said.

HB 369 provides a sales tax exemption from June 1, 2025 through July 31, 2025 for purchases made with virtual currencies, such as Bitcoin, at gas stations, convenience stores, grocery stores, cosmetology salons and bars.

”HB 369 creates a sales tax holiday for virtual currencies such as Bitcoin and other non-cash means of exchange,” Barnaby told Florida’s Voice. “This bill is an expansion of Florida’s historical, family-friendly sales tax holiday package passed in 2023.”

”The goal for HB 369 is simple – build upon a great tax package, and modernize it,” he said. “Floridians who prefer to secure their money in a non-traditional financial system, such as cryptocurrency, deserve to save money during these tax holidays just as Floridians who keep their money in a traditional bank do.”

Florida statute defines “virtual currency” as any “medium of exchange in electronic or digital format that is not currency.”

Sen. Jason Brodeur, R-Lake Mary, introduced an identical bill, SB 352.

According to CNBC, several retail and grocery stores such as GameStop and Whole Foods accept cryptocurrency payments.

According to a report on cryptocurrency attitudes among consumers, more than half had “mild interest” in purchasing the currency.

In response, nearly 75% of U.S. retailers intend on accepting cryptocurrencies at various locations by the end of 2024.