According to Bitcoin Magazine, Bill 0451 submitted to the U.S. Rhode Island Senate last month proposes that state residents and businesses can conduct up to 10 Bitcoin transactions (or equivalent sales) with a single value of less than $1,000, without paying state capital gains taxes. The bill defines "bitcoin sales" as: "any transaction behavior that exchanges Bitcoin for fiat currency or other physical/digital assets", while emphasizing that the exemption only applies to the state tax level and does not affect federal tax liability. According to the bill, individuals and businesses participating in tax-free transactions must keep transaction records in full, including data such as the total transaction amount in a single day, and are ready to undergo audit verification by the state tax department at any time. Chris Perrotta, chairman of the Rhode Island Blockchain Committee, pointed out that the bill will effectively reduce the payment friction of digital assets after it is passed, which will stimulate the development of the state's blockchain economy and make Rhode Island a technology frontier. In addition, he also proposed that small businesses accept Bitcoin as a payment method for products and services to stimulate economic growth. To date, other U.S. states have not yet introduced similar bills.