Crypto Tax Bill In Arizona Passes House Committeebr>
A bill that would allow Arizona state residents to pay their tax bills with cryptocurrencies has been endorsed by the Arizona House of Representatives’ Ways and Means Committee.
Senate Bill 1091, which passed by the state’s Senate by a 16-13 vote on February 8, would allow payment of state income taxes via cryptocurrencies to be “recognized” by the state’s revenue authorities. The bill also specifies that the state government must convert crypto payments to US dollars within 24 hours of their receipt.
The bill won’t be finalized until the full Arizona House puts it up to a vote. However, the endorsement by the Ways and Means Committee is at least some indication that the bill has a shot at being passed. If the bill is eventually signed into law, Arizona will be the first US state to accept cryptocurrencies for sums owed to the state government.
Last month, Arizona Representative Jeff Weninger said that Senate Bill 1091 is “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 for blockchain 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,” Weninger continued. “I think in a few years this isn’t even going to be a question.”
Other states across the US, such as Georgia and Illinois, are also considering legislation that would accept bitcoin and other cryptocurrencies for taxes and license fees.