Residents of Georgia Can Soon Pay Their Taxes Through Bitcoin!!!
While considering taxes on the Bitcoin earnings to considering Bitcoins itself as a means of payment for taxes, we have come a long way.
Joshua McKoon and Michael Williams, the two senators from the state of Georgia have requested Department of Revenue’s statutes for a change in the law amending tax collection and licenses.
As per the bill submitted on February 21, residents from Georgia will be allowed to pay their tax obligations and licensure fees through cryptocurrencies like Bitcoins or other digital currencies.
The text from the bill reads....
“The commissioner may receive in payment of taxes and license fees personal, company, certified, treasurer’s, and cashier’s checks and bank, postal, and express money orders to the extent and under the conditions which he the commissioner may reasonably prescribe by regulations or instructions. 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.”
It further adds that....
“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.”
Another U.S state Arizona has undertaken similar measures with the state Senate passing the bill earlier this month stating “[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.” The bill further adds that cryptos will be converted further to U.S Dollar just within 24 hours.
The bill in the state of Arizona has been recently passed with a narrow margin making it as the first U.S state to allow tax payments through cryptocurrencies.
The state of Georgia is said to have a huge community of digital currency investors and is also a home to several Bitcoin companies like Bitfury, Bitpay. The state is also said to have installed till now over 100 Bitcoin ATMs Also, the state capital Atlanta is said to be having a Bitcoin Embassy as well.
Source. BitsTrades