Georgia Bill Allows Citizens to Pay Tax Obligations in Bitcoin

Georgia Bill Allows Citizens to Pay Tax Obligations in Bitcoin
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Despite the fact that bitcoin’s value went down dramatically, we have to admit its huge impact. It is hard to imagine a future where cryptocurrency won’t play a big part, and it appears that many states are already taking measures for this.

Now, Georgia has a proposed bill that might allow people to use bitcoin as a method of payment. And this is not the first initiative of this kind. According to the bill, “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.”

Another bill exists in Arizona

Georgia’s bill came after Arizona had one of its own. That bill has quite a lot of support, so we wouldn’t be surprised if Arizona will start using bitcoin in the close future. This would represent one step closer to a digital future.

Nevertheless, the payments must be converted into US dollars in the first day, and tax officials will be forced by the law to do that. The same rule exists in the Georgia bill.

“The commissioner shall convert payments made in cryptocurrency to United States dollars at the prevailing rate within 24 hours of his or her receipt of such a payment and shall credit the payor’s account with such converted dollar amount,” the bill states.

It is hard to say if both bills will succeed, and it is clear at this point that Arizona has more chances than Georgia. Nevertheless, things might change in the future, especially if an US state manages to implement the bitcoin payment method.

It appears that there have been other attempts in the past, and in New Hampshire a lawmaker tried to advance a bill that was meant to bring cryptocurrency payments, but the bill did not succeed thanks to the state’s House of Representatives.


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