Crypto Mining Lowers Property Taxes in Nebraska: Executive Testifies

20. April 2023 0 Comments

• Nebraska Executive Courtney Dentlinger testified about the benefits of crypto businesses in a recent senate hearing.
• She noted that cryptocurrency mining lowers property taxes and brings additional tax revenues for state and local governments.
• She also mentioned that Nebraska has additional capacity available to host more crypto companies.

Nebraska Executive Testifies on Crypto Benefits

In a recent Senate hearing, the former head of the Economic Development Office in Nebraska, Courtney Dentlinger, testified about bitcoin, noting that mining lowers property taxes.

Mining Lowers Taxes

Dentlinger spoke about the crypto businesses in the hearing, and she said crypto has many benefits, including tax revenues and job creation. In her statement, Dentlinger noted that crypto businesses offer reasonably well-paying jobs. Furthermore, Dentlinger mentioned tax revenues for the state and local political subdivisions.

Tax Revenues Increase Revenue Pool

Dentlinger gave an instance where a single mining facility in Nebraska brought about $1.6 million in state sales tax over 12 months. This same facility brought about $3.8 million for local tax inspectors. She noted that the taxes garnered enable the development and maintenance of infrastructure like the local airport.

Additional Capacity Available

The probe was mainly looking into the power consumption of crypto mining. Dentlinger noted that Nebraska still has additional capacity available as many irrigation places are now electric from diesel.

Crypto Enhances Growth of Integrated Resource Plan

Regarding carbon footprint, Dentlinger said that new industries like crypto enhance the growth of an integrated resource plan because of providing additional generation resources.