According to the public records published on 2nd May, The Arizona House of Representatives passed a tax Bill called Senate Bill 1091. The Senate Bill allows the citizens to pay their taxes using cryptocurrencies. However, in the recent vote, this initiative has been impeded with various amendments.
The order release by Arizona House of Representatives targeted the Department of Revenue of Arizona which will help open the door for accepting digital currency as a payment method for taxes.
The bill, which was passed by the Arizona State Senate on 8th of February, would allow residents of Arizona to pay their state taxes with cryptocurrency. The state government would then convert the digital currency payments to US dollars within 24 hours of their receipt.
Rather than openly allowing the receipt of digital currencies for taxes, the House revision merely compels the Department of Revenue to consider the possibility of alternative forms of payment.
The amended bill states that:
“The department shall study whether a taxpayer may pay the taxpayer’s income tax liability by using a payment gateway, such as Bitcoin, Litecoin or any other cryptocurrency that uses electronic peer‑to-peer systems. The department shall study the conversion of cryptocurrency payments to United States dollars at the prevailing rate after receipt and shall study the process of crediting the taxpayer’s account with the converted dollar amount actually received less any fees or costs incurred by the department for conversion.”
The state has used the language provided in the amendment in a hideous way as it does not define when such a study would begin, or the length of time it would take for the Department to make a determination. The language used in the bill also does not specify what the fees and costs would be. Moving forward, legislators from both the state Senate and House will negotiate the terms of the bill.
Many states across the country have considered and passed legislation pertaining to cryptocurrencies and blockchain, which includes, Wyoming, Georgia, and Illinois.
The post Now taxes can be paid using cryptocurrency – Arizona passes a new Senate Bill appeared first on AMBCrypto.