This is to be effective for the taxable year after December 31, 2019. So for the taxable year of 2020. The crypto payment will start on year 2021. So Arizonans have 3 years to pay in Bitcoin, Litecoin or any other cryptocurrency recognizec by the department.
https://legiscan.com/AZ/text/SB1091/2018
Topic: [2018-4-24]Bill Allowing Residents To Pay Taxes In Crypto Passes Arizona House.. (Read 132 times)
April 26, 2018, 12:04:56 AM
April 24, 2018, 10:19:43 PM
The Rules Committee of the Arizona House of Representatives has passed SB 1091, a bill that would allow state residents to pay their taxes with cryptocurrencies, public records indicate April 23.
Arizona law requires bills to pass three readings. The House Ways and Means Committee gave its approval to SB 1901 last month after the bill passed the Arizona State Senate on Feb. 8. It now will proceed to the House floor for a vote.
The bill has been subject to revision, notably expanding the number of altcoins that could be used for tax payments to include “LiteCoin or any other [recognized] cryptocurrency.” SB 1901 also specifies that the state government must convert crypto payments to US dollars “at the prevailing rate” after receipt.
Source: https://cointelegraph.com/news/bill-allowing-residents-to-pay-taxes-in-crypto-passes-arizona-house-committee
Arizona law requires bills to pass three readings. The House Ways and Means Committee gave its approval to SB 1901 last month after the bill passed the Arizona State Senate on Feb. 8. It now will proceed to the House floor for a vote.
The bill has been subject to revision, notably expanding the number of altcoins that could be used for tax payments to include “LiteCoin or any other [recognized] cryptocurrency.” SB 1901 also specifies that the state government must convert crypto payments to US dollars “at the prevailing rate” after receipt.
Source: https://cointelegraph.com/news/bill-allowing-residents-to-pay-taxes-in-crypto-passes-arizona-house-committee
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