New Hampshire Bill Seeks to Accept Cryptocurrencies for Tax Payments

New Hampshire Bill Seeks to Accept Cryptocurrencies for Tax Payments

New Hampshire has proposed a new bill that would require the state’s Treasurer, and corresponding administrations, to accept cryptocurrencies a form of payment for taxes and fees. The bill mentions the requirement to find a 3rd party payment processor for the cryptocurrency tax payments at no cost to the State. Similarly to Ohio's law, allowing businesses to pay taxes using crypto, the State plans to convert all cryptocurrency payments to USD, to help mitigate the issues of price volatility with cryptocurrencies. 

The bill proposes that the State Treasurer be required to submit the plan for implementation to the Governor, House of Representatives and Senate by November 1, 2019. Once this has occurred, the it is mentioned that state agencies can begin accepting cryptocurrencies by as early as July 1, 2020. The bill does not outline which specific cryptocurrencies would be accepted, or which processors may be chosen to carry out the payment processing. Additionally, they do not specify which type of taxes will be included with the option to pay with cryptocurrencies; Ohio currently only accepts crypto for business taxes, and not individual. We'll update you as this bill moves through the legislative process. 

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