February 8, The Arizona Senate passed a bill that allows US residents to pay their taxes with cryptocurrencies.
The Bill 1091, proposes to facilitate cryptocurrencies for tax payment was initially introduced on January 10th 2018. It was passed by the Senate Finance Committee with four to three vote on the January 24th. Recently on February 8, the Senate passed the bill with a sixteen to thirteen margin with one no vote.
Now the bill has been forwarded to Arizona’s House of Representative.
If the bill is accepted, it would lead to Arizona as the First state in the U.S to allow cryptocurrency tax payments in 2020, as a public record. This bill would make tax payments easier and could use ‘a payment gateway like Litecoin, Bitcoin and more’.
Tax, penalties and any interest would be indebted to convert the cryptocurrencies to U.S dollars, all within a day, according to the Arizona Department of Revenue bill.