A duo of Georgia state senators has put forward a new bill that could permit locals to pay their tax duties in bitcoin, making it the second one of such a legislative attempt of its type to emerge this year.
Public data display that the degree submitted on Feb. 21 by senators Michael Williams and Joshua McKoon might adjust the guidelines governing the state’s department of sales, letting it receive both bitcoin and other soon-to-be cryptocurrencies.
“The commissioner shall accept as valid payment for taxes and license fees any cryptocurrency, including but not limited to Bitcoin, that uses an electronic peer-to-peer system,” the invoice states.
The proposed regulation in large part tracks with one this is currently sifting through the Arizona legislature. That measure, filed in January, has to this point attracted guide by lawmakers within the country, setting up the possibility that Arizona should grow to be the primary U.S. country to accept bitcoin for tax bills.
Like Arizona’s invoice, the only submitted in Georgia also mandates that tax officials convert those payments into U.S. dollars within an afternoon of receiving them.
“The commissioner shall convert bills made in cryptocurrency to USA dollars at the prevailing charge within 24 hours of his or her receipt of this type of fee and shall credit the payor’s account with such converted greenback amount,” it explains.
Regardless of the encouraging signs out of Arizona, there is no assurance that the degree in Georgia will be triumphant given beyond competition to such proposals in other states. As CoinDesk previously said, a new Hampshire lawmaker superior an invoice that would permit cryptocurrency bills, but the nation’s residence of Representatives, in the long run, shot it down in a January 2016 vote.
But in the event that cryptocurrency loses it value, how then will the citizens of this southern state pay their taxes?
I can’t help but be pessimistic about this issue.