17 Shares 3596 Views 4 Comments

Arizona’s Residents Are Now Able to Pay Taxes in Bitcoins or Any Other Cryptocurrency

April 26, 2018
17 Shares 3,596 Views 4

According to public records published on April 23 by Arizona House of Representatives the bill SB 1091 has passed, which now allow Arizona residents to pay taxes in Bitcoins or any other cryptocurrency.

“A TAXPAYER MAY PAY THEIR INCOME TAX LIABILITY USING A PAYMENT GATEWAY, SUCH AS BITCOIN, LITECOIN OR ANY OTHER CRYPTOCURRENCY RECOGNIZED BY THE DEPARTMENT, USING ELECTRONIC PEER-TO-PEER SYSTEMS.”

Action took place on February 8th in Arizona’s State Senate. The bill has been expanded in aspect of number of altcoins that could be used to pay taxes.

Press on image to see official Senate Bill 1091.

To be safe from high rates of cryptoccurency volation, the government simply convert cryptocurrency to US dollars at a current rate upon receipt.

“THE DEPARTMENT SHALL CONVERT CRYPTOCURRENCY PAYMENTS TO UNITED STATES DOLLARS AT THE PREVAILING RATE AFTER RECEIPT
AND SHALL CREDIT THE TAXPAYER’S ACCOUNT WITH THE CONVERTED DOLLAR AMOUNT ACTUALLY RECEIVED LESS ANY FEES OR COSTS INCURRED BY THE DEPARTMENT FOR CONVERSION.”

Arizona’s government is trying to push forward blockchain technology for mass adoption. Some actions were made in past already.



In April 2017 bill HB 2417 legalized Blockchain signatures and recognized the enforceability of smart contracts.

Arizona’s Revised Statutes now stipulate that data “written” and stored on Blockchain technology is “immutable and auditable and provides an uncensored truth.”

Arizona State is a positive inspiration for all government institutions but so is Canada. Did you know that Canada is using the Ethereum blockchain to proactively publish grants and contribution data in real time?

There’s things to come in financial system so don’t miss any of this by subscribing to our newsletter.

Stories to Your inbox



Facebook Comments

You may be interested

Schipol Airport in Amsterdam Installed EUR/BTC/ETH Cryptocurrency ATM
Crypto news
5 shares941 views
Crypto news
5 shares941 views

Schipol Airport in Amsterdam Installed EUR/BTC/ETH Cryptocurrency ATM

Justin - June 21, 2018

Schipol, international airport located in Amsterdam, Netherlands, has installed a cryptocurrency ATM providing option for passengers convert their euros into bitcoin or ethereum. The airport revealed biggest demand…

Why Investing in ICO might be Useless and Financially Uneffective?
Knowledge
19 shares6,017 views1
Knowledge
19 shares6,017 views1

Why Investing in ICO might be Useless and Financially Uneffective?

Justin - June 19, 2018

Thrills and joy, losses and questions. This is what awaits you while investing in ICO. After you do carefull analysis on ICO and prepare amount of money…

DICE Bridge The Gap Between Existing Cryptocurrencies And Traditional Money
ICO
3 shares462 views
ICO
3 shares462 views

DICE Bridge The Gap Between Existing Cryptocurrencies And Traditional Money

Justin - June 17, 2018

Cryptocurrencies have brought up a new genre of freedom to the funds being spent and raised. Fiercely decentralized and secure networks of nodes called blockchains have witnessed…

4 Comments

  1. Pingback: NASDAQ Cryptocurrency EXCHANGE?! Influencers Market MANIPULATION?! Ripple XRP Partnerships & SUCCESS | TheCryptoDB

  2. Pingback: Arizona's Residents Are Now Able to Pay Taxes in Bitcoins or Any Other Cryptocurrency | CoinFigure

  3. Pingback: Arizona’s Residents Are Now Able to Pay Taxes in Bitcoins or Any Other Cryptocurrency - Decent Blocks Blog

  4. Pingback: Arizona’s Residents Are Now Able to Pay Taxes in Bitcoins or Any Other Cryptocurrency – CryptoNews – Cryptocurrency news, bitcoin, ethereum, blockchain, smart contracts

Most from this category