The Arizona Senate passed a bill on Feb. 8 to allow residents in the state to pay their taxes with cryptocurrencies, public records indicate.
The Senate Bill 1091, which intends to enable cryptocurrencies for tax payment, was introduced Jan. 10, 2018 and passed by the Senate Finance Committee by a 4-3 vote on Jan. 24. On Feb. 8, the Senate passed the bill by a 16-13 margin, with one no-vote.
The bill has now been sent to Arizona’s House of Representatives.
If the bill is adopted, Arizona would become the first state in the U.S. to accept cryptocurrency tax payments by the year of 2020, as stated on the public record. The bill would allow taxpayers of the state to use “a payment gateway, such as Bitcoin, Litecoin or any other cryptocurrency recognized by the department, using electronic peer-to-peer systems.”
According to the bill, the Arizona Department of Revenue, upon receiving payments in crypto for “tax and any interest and penalties”, would be obligated to convert the…