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Arizona Moves One Step Closer to Accepting Bitcoin for Taxes

The Arizona Senate has passed a account that aims to allow residents in the state to pay their taxes with bitcoin and other cryptocurrencies.

As in the old days reported by CoinDesk, last month a group of lawmakers submitted a folding money that, if passed, would enable taxpayers to use bitcoin or other cryptocurrencies in body to pay “tax and any interest and penalties” to the state’s Department of Revenue. The Department, in turn, desire have 24 hours to convert those payments to U.S. dollars.

Patent records show that the Senate passed the bill on Feb. 8 by a 16-13 lip, with one no-vote. The measure has since been sent to the state’s Blood of Representatives for further consideration.

While the measure’s success is contingent on both endorse in that chamber, as well as any possible reconciliation required if the House and Senate fundamentally pass different versions, the successful vote bodes well for its closing passage. Late last month, lawmakers on the Senate’s Finance Board cleared the bill by a 4-3 vote.

Arizona State Rep. Jeff Weninger, one of the co-sponsors of the restaurant check and a sponsor himself of several related bills – including one submitted this week that, if approved, leave block local and county regulation of blockchain nodes – recently reproved Fox News that the tax measure is aimed at making the state an accommodating flourish for users of the technology.

“It’s one of a litany of bills that we’re running that is sending a signal to everybody in the United States, and possibly throughout the world, that Arizona is contemporary to be the place to be for blockchain and digital currency technology in the future,” he told the word service.

Bitcoin and dollars image via Shutterstock

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