Arizona Bill Passes Allowing Residents to Pay Taxes in Cryptocurrency

Arizona-Bill-Passes-Allowing-Residents-to-Pay-Taxes-in-cryptocurrency

Arizona House of Representatives passed bill SB 1091 that would allow Arizona residents to pay their taxes with cryptocurrency according to public records published on April 23.

The bill passed the Arizona State Senate on February 8 and will now move to the House for a vote. The bill, which has been expanding the number of altcoins that could be used to pay taxes, also specifies that the government must convert cryptocurrency to US dollars at the current rate upon receipt.

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Arizona government has already passed quite a few laws pertaining to blockchain adoption this year with its official Blockchain Bill . This bill enables the government to utilize and hold shared data on a distributed ledger via blockchain. It was signed into state law on April 3.

Other states are following suit with Illinois considering a house bill similar to Arizona where they would accept cryptocurrency for tax payments. Wyoming currently absolves cryptocurrency from state property tax and frees certain blockchain tokens from security regulations.

Just recently California legislation was passed that would allow corporations to record stock ownership and transfers within a distributed ledger via blockchain.

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