Arizona to soon accept bitcoin for tax payments
A bill has been passed by the Arizona Senate that will allow citizens to pay their taxes with Bitcoin and other cryptocurrencies.
The proposal was submitted last month by a group of lawmakers.
If passed by the house, it would enable taxpayers to use cryptocurrency to pay “tax and any interest and penalties” to the Arizona Department of Revenue.
After receiving digital assets, the Department would have 24 hours to convert the crypto payments into US dollars.
According to public records, the bill was passed by Senate on February 8th by a 16-13 margin, with only a single no-vote.
The bill will now be sent to the state’s House of Representatives for further consideration.
Although the success of the measure is still dependant on approval of that chamber, the successful vote bodes well for it passing through the House.
Lawmakers in the Senate’s Finance Committee cleared the bill last month by a 4-3 vote.
Speaking to Fox News, Arizona State Rep. Jeff Weninger said that the new tax measure is designed to make the state more accommodating for users of the cryptocurrencies.
If the proposed legislation passes, it’s expected that other states may follow suit.
It also signals a wider acceptance of cryptocurrency in general.
Weninger is one of the sponsors of the bill and is also sponsoring several other related bills.
One submitted this week would block local and county regulation of blockchain nodes if approved.
In a statement to Fox to the news outlet, Weninger said:
“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,”