House of representatives of Arizona puts amendments into the tax bill Senate passed earlier.
The original text of the bill state’s Senate passed by a 16-13 margin on 8th of February this year was about to start letting citizens of Arizona pay taxes in Bitcoin (Bitcoin) and other cryptocurrencies using P2P systems. The government would take all responsibility for converting crypto money into $US within 24 hours. However, The House of Representatives used their right to veto bills from the Senate and proposed amendments to the bill.
“The department shall study whether a taxpayer may pay the taxpayer's income tax by using a payment gateway, such as Bitcoin, Litecoin or any other cryptocurrency that uses electronic peer‑to-peer systems. The department shall study the conversion of cryptocurrency payments to United States dollars at the prevailing rate after receipt and shall study the process of crediting the taxpayer's account with the converted dollar amount actually received less any fees or costs incurred by the department for conversion”.
The vague wording does not clarify when and how the taxpayers of Arizona will be able to use cryptocurrency to pay their taxes.
By Nadya Astam