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Arizona House Committee Pass Bill Allowing Taxes Be Payed In Crypto

Arizona House Committee Pass Bill Allowing Taxes Be Payed In Crypto

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The Rules Committee of the Arizona House of Representatives has passed a bill that allows residents of the state to use cryptocurrencies in making tax payments.

Public records dated 23 April indicates that the bill, SB 1091, passed the first of three required readings at the Arizona State Senate on Feb. 8, followed by approval from the House Ways and Means Committee last month. The final stage the bill is required to pass is the House floor.

There have been notable amendments to the bill since its initial construction, including the expansion of the cryptocurrencies that payments can be made with. It now states: “LiteCoin or any other [recognized] cryptocurrency” is acceptable tender, while requiring the local government to be responsible for converting the payments into US dollars at the prevailing rate at the time the payments are made.

Illinois is in the process of passing a similar House Bill that would allow taxes to be paid via digital currencies, and Wyoming has passed a series of legislation that exempts virtual currencies from state property taxation.

However, both  New Hampshire and the state of Georgia failed to pass a bill that would permit the option of paying for taxes and licensing fees with cryptocurrencies. The defeat of the bills have been largely attributed to a lack of understanding and education on the technology involved.

Blockchain in Arizona

While the US government has been largely intolerant of cryptocurrencies, Arizona has adopted some of the most progressive policies towards the currencies, as well as embracing blockchain technology.

Earlier this month, Arizona lawmakers passed legislation via bills HB2603HB2602, and HB2601. The policies allow corporations to hold and share data on a private blockchain, building on Arizona’s current regulations that allow state-wide integration of blockchain technology.

The state also accepts smart contracts as legal documentation, as well as recognizing signatures recorded on a blockchain.

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