Will US Citizens Be First To Pay Their Taxes In BitCoin?

0
1265

According to public records, on 8th of February, the Arizona Senate passed a bill to allow the state’s residents pay their taxes with cryptocurrencies.

The bill, which intends to allow tax payment with cryptocurrencies (Senate Bill 109), was introduced at the beginning of January (10.01) this year and passed by the Senate Finance Committee just two weeks later (24.01).

What’s next?

It is now up to the Arizona’s House of Representatives, if the bill is adopted. If this does happen, Arizona would become the first US State to accept cryptocurrencies as tax payments by 2020. The bill would let the taxpayers use “a payment gateway, such as Bitcoin, Litecoin or any other cryptocurrency recognized by the department”.

The Arizona Department of Revenue would be obligated to convert the cryptocurrency into US dollars within 24 since the payment is received.

LEAVE A REPLY

Please enter your comment!
Please enter your name here