Arizona could allow taxes to be paid in Bitcoin
Two years ago, New Hampshire kicked around the idea of allowing Bitcoins to be used for paying taxes. The bill didn’t pass muster, rejected by a 264 to 74 vote in the House of Representatives. Now, Arizona legislators are exploring whether or not its citizens should be able to use cryptocurrency to pay their bills. If all goes well, Arizona could be the first state in the country to officially recognize cryptocurrencies as valid forms of payment at the state level.
Arizona lawmakers submitted a bill this past January designed to define cryptocurrencies as valid forms of payment to the Arizona Department of Revenue for taxes, interest and penalties. The bill stipulates that the state would have 24 hours to convert digital currency payments to US dollars once a payment is received. The bill already received approval by a senate finance committee in a vote of 4 to 3.
The bill was co-sponsored by Representative Jeff Weninger who wants to make Arizona a cryptocurrency-friendly state. In an interview with Fox News, Weninger stated, “It’s one of a litany of bills that we’re running that is sending a signal to everyone in the United States, and possibly throughout the world, that Arizona is going to be the place for blockchain and digital currency technology in the future.” If the bill is approved, it will be a milestone for the cryptocurrency industry, and will provide another layer of legitimacy to digital currencies.