Arizona residents will pay taxes in 2020 by cryptography.
The Senate Act 1091, which aims to enable the payment of taxes in the cryptographic bill, was introduced on January 10, 2018. The Senate Financial Committee adopted it as a result of voting 4-3, on January 24. On February 8, the Senate passed the law with the vote of 16-13 (one abstained).
The bill was sent to the Arizona House of Representatives.
If the law is passed, Arizona will become the first state in the US to accept tax payments using cryptocurrencies by 2020. The law would allow taxpayers to use Bitcoin, Litecoin or any other cryptocurrency recognized by the department using electronic P2P systems.
According to the design, the State Department of Arizona, after receiving the payment in the cryptogram (for tax and interest and any penalties), would be required to convert crypto-currency payments into US dollars within 24 hours.
Representative of the state of Arizona, Jeff Weninger, who co-created the bill, said that this way of tax payment is going to transform the state in the center of “blockchain technology and digital currency in the future.” Referring to the tax bill, Weninger said this week for Fox News:
This is one of our many bills that sends a signal to everyone in the United States and possibly around the world that Arizona will be a place for blockchain technology and digital currency in the future.
In September 2017, Cointelegraph announced that the municipality of Chiasso in Switzerland would allow its residents to pay taxes in Bitcoin from January 2018.