According to the legislative records from March 7, the authorities in Arizona have made another step towards developing the state’s innovation level. As Arizona House Committee passes the bill to pay taxes in crypto, it still needs to get approved by the higher authorities.
9 March, AtoZForex – The Ways and Means Committee of the Arizona House of Representatives has passed a tax bill that would allow state residents to pay their taxes with cryptocurrencies.
Arizona House Committee Passes Bill to Pay Taxes in Crypto
According to the legislative records from March 7, the authorities in Arizona have made another step towards developing the state’s innovation level. The new tax bill has passed the committee, which indicates the first reading out of three required by Arizona law.
The bill has seen support by the Republican lawmakers. This also increases the likelihood of it passing the House, which is ruled by the majority of Republicans. Earlier this February, the bill has passed the Arizona State Senate.
This bill allows for Arizona citizens to pay their state taxes in cryptocurrency. In addition, it specifies that the state government should convert the crypto payments to the US dollars within 24 hours time period, after receiving them.
Republican Jeff Weninger, a sponsor of the bill, has mentioned that the convenience is one of the key advantages of the bill. He has also referred to the opportunity to attract new business to Arizona as the reason to introduce the bill. He has been quoted as saying:
“…Arizona is going to be the place to be for and digital currency technology in the future. The ease of use, being able to do it in the middle of the night, being able to do it at home while you’re watching TV. I think in a few years this isn’t even going to be a question.”
US states move to wider adoption of crypto
In case the bill passes the state level, Arizona will appear as the first state to accept cryptocurrencies as payments for taxes. In fact, some of the other US states have also introduced similar bills.
For instance, Illinois and Georgia have considered the legislation that would accept cryptocurrencies for license fees and taxes.
Following on this, the state of Wyoming is now working on the specific legislation for cryptocurrencies. It has introduced a new bill that aims to exempt cryptocurrencies from state property tax and securities regulations.
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