Georgia Joins In: Considering Bitcoin for Tax Payment

Georgia Joins In: Considering Bitcoin for Tax Payment

In January, Arizona became the first state to pass a bill (in the senate) proposing that citizens be allowed to pay income taxes using Bitcoin. On February 21 Georgia senators, Michael Williams and Joshua McKoon submitted a measure to accept Bitcoin and potentially other relevant cryptocurrencies for taxes and license fees.

“ The commissioner shall accept as valid payment for taxes and license fees any cryptocurrency, including but not limited to bitcoin, that uses an electronic peer-to-peer system.”

As this bill follows the basic framework of Arizona's bill, it states:

“The commissioner shall convert payments made in cryptocurrency to United States dollars at the prevailing rate within 24 hours of his or her receipt of such a payment and shall credit the payor’s account with such converted dollar amount”

We are cautiously optimistic about the interest in such a concept by another state, as a similar bill failed to pass in the New Hampshire House of Reps in 2016. However it's now 2018 and the outlook and implementation of Bitcoin and other cryptocurrencies have greatly improved. Update: Unfortunately, Bill 454 never got it's committee hearing before the adjournment for the Georgia Senate on March 29, as reported by Coindesk. What this means is that the bill now needs to be reintroduced during the next January. Senator Mike Williams, a sponsor of the bill, had this to say:

“There was a lack of understanding on what cryptocurrency is, and when I was talking to senators there was that old-school ‘isn’t that what was used to buy drugs?’ (Passing the bill is) going to take educating decision-makers and government regulators on what cryptocurrencies are.”

Williams continued by explaining, "The more we can talk to legislators and the general public, the more we can educate on the beneficial aspects of blockchain."

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