Could Arizona residents soon be able to pay their state taxes with bitcoin?
Jan 14, 2018, 2:54 PM | Updated: 6:01 pm
FILE - In this Dec. 21, 2017 file photo, a woman walks past the Bitcoin ATM in Hong Kong. The growth of bitcoin is fueling speculation about the environmental impact of the energy needed to power the cryptocurrency, stemming from the process of "mining," which is central to its existence. (AP Photo/Kin Cheung, File)
(AP Photo/Kin Cheung, File)
PHOENIX — Could Arizona residents soon pay their state taxes with bitcoin? One lawmaker is looking to make that a reality.
Arizona state Sen. Warren Petersen has sponsored a bill that, if approved, would allow residents to pay their tax liabilities using cryptocurrencies like bitcoin.
According to the bill’s text, residents would be able to pay their taxes, any interest and penalties in the form of a check or a “payment gateway, such as bitcoin or other cryptocurrency, using electronic peer-to-peer systems.”
“The department shall convert cryptocurrency payments to United States dollars at the prevailing rate within 24 hour after receipt and shall credit the taxpayer’s account with the converted dollar amount.”
The bill has been co-sponsored by state Sen. David Farnsworth and state Reps. Travis Grantham and Jeff Weninger. It was introduced to the Senate on Jan. 10 and has since been referred to the Arizona Senate Rules Committee.
According to CoinDesk.com, New Hampshire attempted to pass similar legislation in 2016, but concerns expressed by some lawmakers about bitcoin’s volatility led to the bill being voted down.
However, the website said, Arizona lawmakers might be more open to approving tech-related bills because of their past action. Last year, Gov. Doug Ducey signed into law a bill that recognizes blockchain signatures and smart contracts as valid.
