New Hampshire Lawmakers Introduce A Bill Seeking Approval For State-Level Crypto Tax Payments
Republican senators Dennis Acton and Michael Yakubovich of New Hampshire have introduced House Bill 470 that seeks to allow state agencies to accept cryptocurrencies as payment.
State Treasury, Department of Administrative Services, and the Department of Revenue Administration have been contacted to give their feedback on the issue.
For the bill, the Department of Administrative Services will “in addition to fluctuations in value over time, it cannot be determined whether the acceptance of cryptocurrency payments would result in a dollar loss or gain to the state.”
The DRA will need to work with the e-file vendor to make programming changes. Notably, in 2015, legislators of New Hampshire had debated about the advantage of accepting bitcoin for taxes.
The bill had died in committee after facing heavy opposition. Although the circumstances are different now, the ecosystem has gotten matured and has entered the mainstream.
The state treasurer, in consultation with the commissioner of the department of revenue administration and the commissioner of the department of administrative services, will develop an implementation strategy for the state to accept cryptocurrencies as payment for taxes and fees beginning July 1, 2020.
The plan will address any accounting, valuation, and management issues relative to the acceptance of cryptocurrency and identify a third-party payment processor that will process cryptocurrency transactions at no cost to the state.
On or before November 1, 2019, the state treasurer has to present the plan to the governor, the speaker of the house of representatives, the senate president, the house clerk, the senate clerk, and the state library. Pursuant to any criteria or procedures established in the implementation plan, a state agency may accept payment in cryptocurrencies on or after July 1, 2020.
New Hampshire Is Crypto Friendly
In September 2018, BitcoinExchangeGuide had reported a story about Portsmouth being the most crypto friendly city in the US. The city is home to 24 businesses that accept cryptocurrency, including restaurants, clothing stores, juice bars, regular bars, restaurants, a yoga studio, a dance studio, a hair salon, a vape shop, and a law office.
Even earlier this month we bought you a story about The University of New Hampshire offering a blockchain and crypto certificate program.