Arizona House Committee Passes Bill Which Allows Citizens To Pay Taxes In Bitcoins

Arizonian Bill Passed To Allow Payment Of State Taxes In Bitcoins

The SB1091 tax bill was passed by the Ways and Means Committee of the Arizona House of Representatives for fostering tax payments in Bitcoins as per the legislative records dated March 7. This event shall go down in the history of cryptocurrency evolution as one of the very first steps in directing cryptocurrency towards legislative payments. The committee has however stated that the first of three readings are required of each bill by the Arizona law. The likelihood of its passing has been accentuated by the support received by the Republican legislators who are the ruling party of the country.

On 8^th February, the bill passed the Arizona State Senate. Apart from allowing Arizonan citizens to mitigate their state tax payments via Bitcoins, the bill also specifies the requirement of state government to convert their cryptocurrency payments into US dollars within the passage of 24 hours from the time of receipt.

Jeff Weninger, a sponsor of the bill stated that once applied, it shall aid in bringing forth greater opportunity and convenience while attracting fresh new businesses to Arizona. This also remains as one of the driving factors behind this bill’s introduction. He was quoted as saying that:

“Arizona is going to be the place to be 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. I think in a few years this isn’t even going to be a question.”

Although similar bills have already been introduced in various US states, once the bill gets approved by the state legislature in Arizona, it will become the very first state which shall accept Bitcoins or cryptocurrencies for sums payable to the state government’s exchequer.

Illinois and Georgia are also pondering over bringing forth cryptocurrency regulations which will channelize payment in virtual tokens for meeting license fees and taxes. The state of Wyoming has introduced a new bill which exempts cryptocurrency from securities regulations and state property tax.

Also Read: US Judge Rules Virtual Currencies Like Bitcoin As Commodities

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Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.