State Of Arizona Senate Set To Pass Cryptocurrency Tax Payments Soon
The senate in Arizona passed a law on Feb 8 that would allow residents in the state to pay their taxes with cryptocurrencies.
The new bill is called Senate Bill 1091 that allows cryptocurrencies available for paying tax. It was introduced into law on Jan. 10, 2018. The bill was further passed by the Senate Finance Committee by a 4-3 majority on Jan. 24.
Right now, the bill is sitting with the House of Representatives for Arizona.
If the bill is put through, then Arizona would be the first state in the United States to allow for cryptocurrency tax payments by 2020.
The bill would allow residents to use cryptocurrencies in the following manner: “Bitcoin, Litecoin, or any other cryptocurrency can be used as a payment gateway. Provided they are recognized by the state department through the use of p2p systems.”
As per the bill, the Arizona Department of Revenue, upon getting payments in cryptocurrencies for tax penalties, would be required to exchange those payments to United States dollars within 24 hours.
The Arizona State Republication Jeff Weninger who helped sponsor the bill stated that the tax measure aims to transform Arizona into a center of blockchain and digital currency for the future.
In an interview with Fox News, he made the following statements:
“It’s one of many different bills that we’ve put into place to send a clear signal to everyone in the United States, and possibly, the world, that Arizona will soon become leaders in blockchain and virtual currencies for the future.”
In September of 2018, Cointelegraph stated that Chiasso, a region of Switzerland, will let its citizens pay taxes in Bitcoin at the beginning of 2018.