According to BitcoinMagazine, Rhode Island Senator Peter A. Appollonio has introduced S2021, which has been submitted to the Senate Finance Committee. The bill proposes a temporary state income tax and capital gains tax exemption for residents and local businesses engaging in Bitcoin transactions, with a monthly cap of $5,000 and an annual cap of $20,000; taxpayers can self-certify eligibility, do not need to report individual transactions but must keep records for audit purposes; the state Department of Business Regulation will issue guidance and use a public Bitcoin price index for valuation; the exemption will take effect from January 1, 2027, and expire on January 1, 2028.