The State of Arizona (USA) could become the first in the United States legally OK to bitcoin later tax payments.
The possibility of paying taxes with bitcoin is due to two bills driven by five representatives to the Senate, headed by Republican Warren Petersen. It is the first draft legislation to legally establish bitcoin as a method of payment. The project (SB1091) opens the option that Arizona taxpayers pay their taxes with bitcoin.
The proposal establishes that not only can pay with bitcoin, but with Litecoin, ether or any cryptocurrency "recognized", stating that after the payment is State who is required to convert the criptomonedas to $ American.
A taxpayer can pay your income tax liability using as criptomonedas bitcoin as payment method, Litecoin or any other cryptocurrency recognized by the Department using peer-to-peer systems. Department will make payments of criptomonedas United States dollars rate predominantly after receiving and prove the dollar amount on the account of the taxpayer.
Bill 1091
Arizona Senate
Bill was introduced in the State Senate during the month of January, and has since been amended and revised three times to obtain, by a short margin of 4-3, the approval of the Finance Committee during the session this Thursday, February 8.
To this regard, Jeff Weninger, head of the Committee of trade and Finance of the Senate and co-sponsor of the legislation, said to Fox News that this initiative Arizona "will be sending a signal to all" the country about the future of the State.
Arizona will be the place for technology blockchain and the criptomonedas in the future.
Jeff Weninger
Head of the Committee of trade and finance, Arizona Senate
Also, the Senator noted that one of the biggest attractions of imposing this new option of payment for the tax is the ease of use, as it will allow tax payers "be able to do it from home while watching television".
Not everything is rosy
The leader of the minority in the Senate from Arizona, Steve Farley, does not share the mood of Weninger bitcoin legislation, because it alleges that "the dollar. UU should be sufficient", as it considered that adopted the Act taxpayers could put at risk"if it fails bitcoin".
If we had a draft law that would allow people to pay their taxes in bitcoins directly, that would mean a load of volatility for all other taxpayers because it means that that money would go to the State and then the State would have to assume the how liability swap them.
Steve Farley
Senator, Arizona Senate
In addition, Farley took the opportunity to criticize the system of "lobbying" of laws, because in his view only want an advantage for "private clients"