More

    Legislators In New Hampshire Squash Bill To Allow Taxes To Be Paid In Cryptocurrencies

    New Hampshire lawmakers have shot down a fresh bill which sought to permit state agencies to start accepting cryptocurrencies as tax payments.

    As CoinDesk reports, the effort was initiated by two Representatives Michael Yakubovich as well as Dennis Acton on Jan. 3, 2019. If the bill had gone through it would have mandated the state’s treasurer to come up with a plan that would guide the state on how to accept cryptos as tax payment as well as fees. The state agencies would also have to accept payment for different services and products in cryptos from July 1, 2020.

    However, on November 13, the General Court's Executive Departments and Administration Committee killed the bill with 17-1 vote. This move was further confirmed on Jan. 8 by the whole house of lawmakers through a voice vote.

    The bill by Acton and Yakubovich who are both Republicans, was found to have a brief language that comprised only of two clauses. As per the content of the bill, it failed to clearly state whether all or part of the taxes would be settled using cryptos and whether only few virtual coins like Ethereum or Bitcoin should be used.

    The start of the bill was positive as it was passed unanimously at the subcommittee stage in Feb. 2019. An amendment was also introduced at this stage to ensure that the state had the power to collect taxes if a given transaction did not go through or even delivered to an erroneous address.

    A fiscal note that was appended to the bill stated that cryptocurrencies are volatile assets hence the collected revenue is prone to fluctuations.

    The shooting down of the current bill marks the second time which the legislators have killed a bill meant to enhance crypto tax payment. In 2015, there was a similar bill which required the state to form a partnership with a Bitcoin-based firm to let the people pay their tax obligations using Bitcoin but was killed in the committee stage. Arizona had also tried to pass such a bill in 2018 but was shot down by legislators.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Joseph Kibe
    Joseph Kibe
    Joseph is a blockchain and cryptocurrency enthusiast, with a strong conviction that exposure of blockchain technology is for the good of the society. Fascinated by the massive potential of cryptocurrencies and the technology behind them – blockchain – Joseph spent lots of his time learning more about the industry, becoming a polished expert writer in the sector. He covers any cryptocurrency and blockchain related content.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,279FansLike
    2,758FollowersFollow
    4,125FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Dash Price Analysis (February 16) • The overall outlook of the coin market is bullish in trend. • The bears may have a temporal control. DASH/USD Medium-term Trend:...

    Stellar (XLM) Price Analysis (February 16)

    • The price of Stellar is likely to encounter a price breakout soon. • Buyers are in the dominance of the market. XLM/USD Medium-term Trend: Bullish •...

    Bitcoin Cash (BCH) Price Analysis (February 16)

    Key Highlights Lately, there was a slow-increasing mote in the BCH/USD trade worth. As at the time of writing, the crypto’s value looks being...

    MONERO (XMR) Price Analysis (February 15)

    Key Highlights There have been long series of relative up rises in the XMR/USD market activities.  The XRM/USD market has maintained a range interval...

    Bitcoin is Gold on Steroids that would Make an All-time High by Halving: Galaxy Digital CEO

    Earlier this week, Bitcoin breached $10,000 and since then we have been keeping above this level. The digital asset is up 40% in 2020 so...

    Ethereum Technical Indicator Flashes Warning Signal But Active Addresses Jump Nearly 27%

    There is an onslaught of bulls on Ethereum price which is up 114% in 2020 so far while trading at $281, a level last...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.