US State of Arizona Revises its Blockchain Bill to Attract More Crypto Companies
An Arizona Senate bill that had previously concentrated on state income tax is getting altered, according to the Senator who developed the bill.
Senator Warren Petersen, a Republican noted that the bill is having a makeover to now concentrate on point-of-sale crypto tax payments referred to as the transaction privilege tax (TPT) in the state. In the United States, Arizona residents could possibly be the first to make transactions at the point-of-sale in Bitcoin or an altcoin with the taxes on the transaction sent directly to the state.
The SB 1091 bill will be debated by the state legislature and will hopefully pass through the House floor in a couple of weeks. If Senator Petersen’s wish comes through, Arizona will be in the forefront in cryptocurrency payments.
Senator Petersen is acknowledging the adoption of blockchain technology that is spreading across the western United States as his state is among those leading the innovation.
Thankfully for Arizona, the hurtful regulation that scared many cryptocurrency companies in New York means that many companies had to flee the big apple for Arizona.
“New York was booming and then all of a sudden they had massive, burdensome regulations. More than 10 companies fled the state or shut down altogether. Arizona is not going to do that. We’re going to encourage innovation and new ideas and technology. So this is part and parcel to that,” Senator Petersen noted.
With the adjustments made to SB 1091, the bill will now mainly concentrate on cryptocurrency payments, which according to the Senator is “positive progress” for the industry that will motivate people to widely use cryptocurrencies.
“We’re going to allow TPT payments at the point of sale using blockchain technology. That means you are going to use blockchain technology but you’re also going to have the ability to use that point-of-sale to pay with cryptocurrencies, cash, credit card — whatever you pay with. There will be an immediate sales tax payment made to the state of Arizona, whether it’s in cash, cryptocurrencies or credit card payment,” Senator Petersen explained.
Senator Petersen’s initial intention for the bill focused on state income tax payments. This has evidently changed and he notes that “this is much more exciting.”
“I think we will win the House and we’ll have the votes to get to the finish line. It still has to come back to the Senate. It still has a ways to go. But I feel good about it. I feel more optimism about this getting signed than the income tax bill,” he said.