According to the latest dated April 23, the Arizona House of Representatives has passed a new bill that allows residents of the states in order to pay their taxes in digital currencies. As per the law of the state, the bill needs to be passed through three readings. Last month, the Means Committee and House Ways gave approval of this bill which was passed in the Arizona State Senate. The bill has now been further moved to the full House floor for a vote.
If this gets approved, it would allow Arizona Department of Revenue to collect taxes of its people in the form of cryptocurrencies and would be the first state in the US to officially accept this mode of payment.
The bill is also subject to revision whether it should include other altcoins like “LiteCoin or any other [recognized] cryptocurrency” for the purpose of tax payments. The bill also specifies that after the receipt, the government has to convert all the received crypto payments into US Dollars “at the prevailing rate”.
The Arizona State government has already passed the rules and laws pertaining to the adoption of Blockchain technology in the state. Last April, a bill was passed in order to legalize Blockchain signatures and allow the implementation of smart contracts. It also allows the organizations to hold and share data on a distributed ledger technology.
As the ongoing regulatory process pertaining to cryptocurrencies get streamlined, things will further get clear on their operations. More states in the US and introducing the liberal blockchain and cryptocurrency legislations. Another state of Illinois is also considering a similar bill which allows its residents to pay taxes in digital currencies.