Bill To Allow To Pay Taxes In Bitcoin Passes Arizona House Committee
The Ways and Means Committee of the Arizona House of Representatives passed SB1091, a tax bill that would allow state residents to pay their tax bills with cryptocurrencies, legislative records show March 7.
The bill’s advancement through committee signifies the first of three readings required of each bill by Arizona law. Support for the bill by Republican legislators raises the likelihood of it passing the House, which is ruled by a Republican majority.
As previously reported by Cointelegraph, the bill passed the Arizona State Senate on Feb. 8. While the bill allows for Arizona citizens to pay their state taxes in cryptocurrency, it also specifies that the state government must convert crypto payments to US dollars within 24 hours of their receipt.
A sponsor of the bill Rep. Jeff Weninger cited convenience and the opportunity to attract new business to Arizona as driving forces behind introducing the bill:
“...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.”
If the bill passes the state legislature, Arizona will be the first state to accept cryptocurrencies for sums owed to the state government, although other states across the US have introduced similar bills. Both Georgia and Illinois are considering legislation that would accept cryptocurrencies for taxes and license fees.
The state of Wyoming is also working on legislation for cryptocurrencies, having introduced a new bill that would exempt crypto from state property tax and securities regulations.