Remember that Arizona Bill that Bitguru reported on earlier? The one that was working on allowing individual residents in the state of Arizona to pay their taxes with cryptocurrencies?
According to public records, that law that allows residents to pay their taxes with cryptocurrencies has been passed by the Arizona Senate late last week.
The Senate Bill
The Senate Bill 1091, which allows for the payment of taxes via cryptocurrencies was initially introduced in of January of this year and was passed through a vote of 4-3 by the Senate Finance Committee in late January. The bill was finally passed with minimal issues on February 8th, 2018.
The bill is now sitting with the House of Representatives in the state of Arizona.
This would be the last stage, if the bill is accepted in the House of Representatives, the state of Arizona would become a pioneer state in the United States of America. They would be the first in the nation to adopt this procedure, allowing for the payment of taxes through the use of cryptocurrencies. This implementation would take place over the years and would finally be deployed, two years from now, in 2020.
Furthermore, the bill would provide taxpayers with the ability to use peer to peer currencies such as the pioneer digital currency, Bitcoin and the digital currency created by SatoshiLite, Litecoin, as well as other accepted and recognized cryptocurrencies.
The Bill states that local revenue collection department in the state of Arizona, after receiving crypto-based payments for taxes, interests, and penalties, would have to quickly turn that crypto into fiat within the time span of twenty-four hours.
Arizona is very interested in being a blockchain capital
A Republican representative of the state of Arizona, who was also one of the sponsors of the bill, Representative Jeff Weninger, stated that this tax bill would help to convey to the world that Arizona will be central in the development of blockchain.
He commented that the state would be the center of “blockchain and digital currency technology in the future.” He further stated to Fox News this week:
“It’s one of a litany of bills that we’re running that is sending a signal to everyone in the United States, and possibly throughout the world, that Arizona is going to be the place to be for blockchain and digital currency technology in the future.”
There are similar developments happening across the world as countries, not just cities, are gearing up to take advantage and capitalize on the growth of blockchain. Japan has already made way for Bitcoin to be accepted as legal tender. Belarus has announced that they will be making blockchain based companies enjoy tax-free growth and other have also paved the way for growth.
Last year, Chiasso, in the country of Switzerland also made a similar move as Arizona, allowing the people who reside there to pay their taxes in the leading cryptocurrency, Bitcoin, starting last month. This comes as no surprise, as the city of Zug is working to create their place as a crypto valley.