Arizona Bill To Allow Tax Payments In Cryptocurrency

An important panel in Arizona’s House of Representatives has given its approval to a bill that would make room for the state to acknowledge cryptocurrencies as reimbursement for duties.

The House Rules Committee voted to endorse the project which according to the news report by Coindesk had all the earmarks of being a stop on the bill after the House Ways and Means Committee gave its endorsement about a month ago. It now continues to the full House for a vote.

If this is possible, the bill would enable the Arizona Department of Revenue to gather charges as cryptocurrency- and make Arizona the first in the U.S. to authoritatively acknowledge a digital currency as payment.

While an old rendition of the bill named bitcoin, the new form is more “agnostic” toward which coins may be acknowledged and gives more space to charge authorities, as indicated by Representative Jeff Weninger, one of the proposed law’s backers. Weninger disclosed to CoinDesk recently that the bill’s patrons were attempting to make it all the more effortlessly comprehended by the lawmaking body’s different individuals, yet wanted to pass it within weeks.

And while Arizona gives off an impression of advancing with its cryptocurrency tax plan, different states haven’t been so fruitful.

Georgia State Senator Mike Williams, in an interview with Coindesk, recently added that the bill he supported has slowed down due to a limited extent to an absence of comprehension among legislators there.

“Passing the bill is going to take educating decision-makers and government regulators on what cryptocurrencies are,” stated Williams.

According to public records, Illinois is also considering a comparative expense payments measure as of April 13, that bill was being considered by the Illinois House of Representative Rules Committee.