Arizona's Crypto Tax Payments Bill Clears Hurdle

A key committee in Arizona's House of Representatives has given its blessing to a bill that will clear the manner for the state to just accept cryptocurrencies as payment for taxes.

The House Rules Committee voted to approve the live - that as CoinDesk antecedently reportable has been subject to revision - on weekdays, ending what seemed to be a freeze on the bill when the House ways in which and means that the Committee gave its approval early last month. It current payoff to the total House for a vote.

If approved, the bill would empower the Arizona Department of Revenue to gather taxes within the variety of cryptocurrency - and create the state the primary within the U.S. to formally settle for a cryptocurrency as payment.

While the associate degree recent version of the bill named bitcoin, the redo is a lot of "agnostic" toward that coin could be accepted and provides a lot of leeway to tax officers, per Representative Jeff Weninger, one in every of the projected law's sponsors. Weninger told CoinDesk earlier this month that the bill's sponsors were operating to create it a lot of simply understood by the legislature's alternative members, however hoped to pass it inside weeks.

And tho' Arizona seems to be moving ahead with its cryptocurrency tax set up, alternative states were not thus triple-crown.

Georgia senator electro-acoustic transducer Williams told CoinDesk earlier this month that the bill he sponsored has stalled due partly to an absence of understanding among lawmakers there.

"[Passing the bill is] planning to take educating decision-makers and government regulators on what cryptocurrencies area unit," Williams aforesaid at the time.

Illinois additionally considers an analogous tax payments live. As of Gregorian calendar month, thirteen, that bill was being thought of by the Illinois House of Representative's Rules Committee, public records show.

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