Tax Payments In Cryptocurrency: Arizona Bill
Arizona House of Representatives’ Ways and Means Committee has officially endorsed a bill, that would make Arizona the first US State to accept payment for taxes in “bitcoin or other cryptocurrency”.
The bill was passed by the Arizona State Sente earlier this year. It isn’t law yet and won’t be unless the full Arizona House votes it onto the books. But the committee’s approval is at least some sign that the bill will pass the confirmation.
Jeff Weninger, the Arizona Representative told Fox News that the new bill they had run is sending a signal to everyone in the United States, and possibly throughout the world, that Arizona state is going to be a good area for blockchain and virtual 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. I think in a few years this isn’t even going to be a question.’’
The bill also will require the Arizona Department of Revenue to convert the cryptocurrency into fiat within 24 hours of receiving it. If the state does start accepting crypto payments, there are quite a few other logistical matters, that will need to be ironed out.