USA Soon to See Taxes Paid in Bitcoin

January 13, 2018

USA Soon to See Taxes Paid in Bitcoin

People will have an option to repay their tax obligations using Bitcoin or other cryptocurrencies if a new bill submitted into Arizona State Congress is passed.

Backed by Warren Petersen, a state senator, the bill was introduced on January 9. Since then it has been transmitted ad referendum to Arizona Senate Rules Committee.

In accordance with the draft bill, this measure would allow for using “such payment gateway as Bitcoin or any other p2p-based cryptocurrency” to pay “taxes and any penalties” due to the state administration.

The bill says:

«The Department shall convert cryptocurrency payments to US dollars at the prevailing rate within 24 hours after receipt and shall credit the taxpayer’s account with the converted dollar amount».

A bill of that kind was already tabled in New Hampshire in 2016. However concern over Bitcoin and primarily its erratic price expressed by some state legislative officials resulted in rejection of the draft.

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