The House Subcommittee of New Hampshire has unanimously approved the bill which paves the way for Bitcoin to be accepted as a means for paying taxes and fees.
Bitcoin Tax Payments Inching Closer
On January 29th, the House Subcommittee of the state of New Hampshire unanimously approved a bill which intends to allow Bitcoin and other cryptocurrencies to be used for payments for taxes and fees by state agencies.
The bill in question is House Bill 470-FN. My Bitcoin News recently reported that, if approved and enacted by the Senate and House of Representatives, it would oblige the state treasurer to develop a plan for implementing cryptocurrencies as a means for paying taxes and fees after July 1st, 2020.
In addition, the treasurer would also have to identify a third-party payment processor who will facilitate the payments, free of cost for the state.
This plan should be created by November 1st, 2019.
Now, as the House Subcommittee has approved the bill, there is one less step to take before it turns to law. While it also has to be approved by the Senate and House of Representatives and signed into law by the Governor, this marks a positive trend in statewide cryptocurrency legislation.
Positive Trend Indeed
Indiana is another state which is working its way towards accepting cryptocurrencies as a means of paying taxes and other fees and liabilities.
Ohio, however, has already done that. The state accepts cryptocurrencies for paying taxes through the online venue OhioCrypto.com. The state works with US-based company BitPay, which facilitates the payments between the taxpayer and the state.
Earlier in January, major online retailer Overstock said that it is about to become the first major US corporation to pay part of its state business tax in Ohio using Bitcoin.
What do you think about Bitcoin tax payments? Let us know down below!
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