Arizona State Senate passed a bill that allows to pay taxes with cryptocurrencies. The Bill has been passed by the Senate Finance Committee by a 4-3 vote on January 24. In case the bill will get a confirmation, Arizona will become the first state in the US to accept cryptocurrency tax payments by 2020.
12 February, AtoZForex – The Senate of Arizona state has passed a bill that enables state residents to pay their taxes with cryptocurrencies. The information on the public records indicates that the Senate Bill 1091 has been passed with one negative vote.
Arizona Passes Bill to Pay Taxes with Cryptocurrencies
The Senate Bill 1091 aims to allow citizens to pay taxes with cryptocurrencies. This bill was introduced in the middle of January 2018. Now, the Bill has been passed by the Senate Finance Committee by a 4-3 vote on January 24. Then, on the 8th of February, the Arizona Senate has passed a bill by a 16-13 margin.
Now, the next step involves sending the Bill to Arizona’s House of Representatives. In case the bill will get a confirmation, Arizona will become the first state in the US to accept cryptocurrency tax payments by 2020. The public record also states that the bill would enable taxpayers of the state to use “a payment gateway, such as Bitcoin, Litecoin or any other cryptocurrency recognized by the department, using electronic peer-to-peer systems.”
As per the bill, the Arizona Department of Revenue will need to convert the cryptocurrency payments to the US dollars within 24 hours since the moment of receiving payments in crypto for “tax and any interest and penalties.”
Arizona aims to become the center of Blockchain technology
Jeff Weninger, Arizona State Republican Rep. has appeared as a co-sponsor of the bill. He has commented on the bill:
“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 to be for blockchain and digital currency technology in the future.”
In addition, Jeff Weninger has stated that the tax measure aims to turn the state into a center of “blockchain and digital currency technology in the future”.
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