Arizona House Committee approves Bill to pay taxes with crypto, and now the law will proceed to the House floor for the final vote. SB 1091 also mentions that the state government should convert cryptocurrency payments to US dollars “at the prevailing rate” after receipt.
Arizona House Committee approves Bill to Pay Taxes with Crypto
According to the public records available online, the Arizonian law needs to pass three readings. The House Ways and Means Committee provided its approval to the bill earlier last month following the bill passing the Arizona State Senate on February 8. Now, the law will proceed to the House floor for the final vote.
The bill has been already revised, which has changed a number of altcoins that could be used for the tax payments. During the revision, the bill has stated to include “Litecoin or any other recognized cryptocurrency.” SB 1091 also mentioned that the state government should convert cryptocurrency payments to US dollars “at the prevailing rate” after receipt.
The officials of Arizona have already passed some other Blockchain-related laws in the state. In April 2017, HB 2417 has legally recognized Blockchain signatures and the enforceability of smart contracts. Following on this, HB 2603 was signed into the official Arizona state law on April 3. This bill enables corporations to store and share data on a distributed ledger.
US States Integrate Blockchain
Cryptocurrency and Blockchain legislation is steadily becoming a widespread trend across the US states. Just like that, Illinois is now looking into issuing a House Bill that is similar to that of Arizona. The bill would accept payment for taxes in cryptocurrencies.
Earlier this March, Wyoming has passed a number of laws that exempt cryptocurrencies from state property taxation. The legislation in Wyoming also frees particular Blockchain tokens from securities regulations.
Just recently, we have reported that California has considered a legislation that would enable corporations to record stock ownership and transfers on “one or more distributed networks.”
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