A Big Vote of Confidence Arizona’s Bitcoin Tax BillTop Stories

March 09, 2018 15:58
A Big Vote of Confidence Arizona’s Bitcoin Tax Bill

(Image source from: btcethereum.com)

A committee in the Arizona House of Representatives has suggested the password of bill which allows the state residents to be able to pay the tax bills in Bitcoin.

The public record tells about the House’s Ways and Means Committee advanced the measure on March 7. Although the bill won't be finalized until the full House gives it up to a vote, the endorsement increases the likelihood that it might be sent to the governor's desk for signature and get down to a State Law.

The lawmakers first started considering the measure of back in January, as reported by CoinDesk previously. Incase approved, residence could pay “tax and any interest and penalties” with the help of “Bitcoin or other cryptocurrency.” Even though the specifics of this process might need to be fleshed out further, the measure also recommend to call for the state’s Department of Revenue to convert the cryptocurrency in to US dollars within a day or 24 hours.

Arizona’s State Senate on the 8 of February passed the bill by 16-13 vote, as reported at the time, and the bill was then later passed on to the House just over a week later.

If the bill gets signed into law eventually, Arizona would become the first U.S. State to accept cryptocurrency for tax payments. However, it might not be the last one as CoinDesk has reported, lawmakers in Illinois and George who made similar proposals, even though it remains to be seen whether those measures will have similar support.

Recent comments someone of the core sponsors of the bill suggest the measures fit into a wide plan to accommodate environment for the tech in Arizona.

"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," says Arizona state representative Jeff Weninger to Fox news last month

By Kavitha

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Tagged Under :
Bitcoin  Arizona Tax Bill  Cryptocurrency