Topic: [2018-02-18]Arizona Poised to Accept Tax Payments in Bitcoin (Read 157 times)
This bill recognizes the values of the technology innovations in the cryptocurrency, it is very good, but in my opinion, it is still very difficult to implement the bill (not pass yet) due to the current volatility of the cryptocurrency.
This move from Arizona is a contributing factor leading to the full recognition of Bitcoin as a currency. Though we might not be getting the same recognition on federal level in the next few years, at least there is a brewing interest in the state level which can be so important. This will induce people to adopt Bitcoin and expand its market exponentially. In USA, soon we might be experiencing some big movement that can really help Bitcoin. In this connection, we should be hoping that more and more states will be adopting the same measure and hope that many will really be using Bitcoin to pay their tax.
This is very good news for the whole cryptomania. If these guys will take taxes in the crypto currency, then an excellent future awaits us) it can be said the first call of recognition.
Arizona is poised to become the first state to accept tax payments in cryptocurrencies. The state's Senate passed a bill that would allow payment of state income taxes via cryptocurrencies to be “recognized” by the state’s revenue authorities. The law has moved on to be considered by Arizona's House of Representatives.
According to the bill, the state's Department of Revenue, upon receiving payments in crypto for “tax and any interest and penalties”, would be obligated to convert the cryptocurrency payments to U.S. dollars within 24 hours.
Read more: Arizona Poised to Accept Tax Payments in Bitcoin @ https://www.investopedia.com/news/arizone-votes-accept-tax-payments-bitcoin/?utm_source=personalized&utm_campaign=bouncex&utm_term=12273569&utm_medium=email
According to the bill, the state's Department of Revenue, upon receiving payments in crypto for “tax and any interest and penalties”, would be obligated to convert the cryptocurrency payments to U.S. dollars within 24 hours.
Read more: Arizona Poised to Accept Tax Payments in Bitcoin @ https://www.investopedia.com/news/arizone-votes-accept-tax-payments-bitcoin/?utm_source=personalized&utm_campaign=bouncex&utm_term=12273569&utm_medium=email
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