The State of Indiana in the US has introduced a bill that will allow it to accept tax payments with cryptocurrency if passed.
The bill tagged House Bill No. 1683 is targeted at amending the Indiana Code concerning taxation. It was introduced to the house on 24 January and is expected to be effective by 1 July 2019 and 1 January 2020. The synopsis of the bill reads that if passed, it “allows a person to pay taxes using an approved virtual cryptocurrency.”
The range of application of the amended bill will include taxes, special assessments, penalties, interest, costs or any other liability included in the article. A single or multiple cryptocurrencies may be agreed upon as the accepted currency used for payment.
The article also included that the treasurer is to accept the cryptocurrency in the equivalent of the US dollar at the time of transaction corresponding to an applicable exchange of choice by the local government’s department of finance and the department of state revenue.
The status of cryptocurrency is gradually gaining credence in some US jurisdictions. Other states have also been talking about using crypto for tax payments, while some others are trying to figure out how to tax crypto earnings.
Last year, the state of Ohio announced that it was the first to consider cryptocurrency for tax payment. Earlier this year, Overstock said that it will be the first US company to pay some of its Commercial Activities Tax (CAT) to the Ohio State in Bitcoin.
Apparently, the subject of cryptocurrency remains an important subject to different governments and has become an integral part of some traditional economies. The mass adoption of cryptocurrency is evidently occurring at a slow but steady pace and if it proves to be better and more efficient alternative to currently accepted payment options, there may be more rapid development in crypto adoption.
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