The states of New Hampshire and Indiana might start to accept Bitcoin for taxes payments, fees, penalties, and other state agency payments. However, two bills which are already filed have to be approved and passed in order for this to happen.
On January 5th this year, House Bill 470-FN was introduced by Representative Acton and Representative Yakubovich.
If the bill is approved and enacted by the Senate and House of Representatives, it would require the state treasurer to develop an implementation plan for New Hampshire to begin accepting cryptocurrencies, including Bitcoin, as means for paying taxes and fees after July 1st, 2020.
According to the texts, the treasurer should develop the plan after consulting with the Commissioner of the Department of Administrative Services and the Commissioner of the Department of Revenue Administration.
The deadline for the plan is November 1st, 2019.
An important note in the text is that the bill only permits state agencies to accept cryptocurrencies but it’s not compulsory that they do so.
Additionally, the treasurer needs to identify a third-party payment processor which will handle the cryptocurrency transactions at no cost to the government, inferring that the payor will incur the fees.
The other state where regulators are seeking to enable cryptocurrency payments for taxes, penalties, interests, and other state agency payments is Indiana.
House Bill 1683, filed on January 24th, 2019, aims to amend the Indiana Code which regards taxation as of now. If it’s enacted by the General Assembly, the bill will approve the usage of cryptocurrencies to pay taxes.
The text also clarifies that if there is a cryptocurrency payment for a liability imposed under the article made with an approved cryptocurrency, the treasurer of the respective county will determine the value of the payment denominated in US Dollars at the time the payment is being made.
If approved, the amendment will come in effect starting July 1st, 2019.
As reported by My Bitcoin News earlier this month, popular online retailer Overstock is set to become the very first major corporation which will pay part of its state business taxes using Bitcoin in the state of Ohio.
Would you pay your taxes using Bitcoin or any other cryptocurrency? Share your thoughts down below!
Images credit to Unsplash