Two senators from the state of Georgia, in the United States, have promoted a bill that would allow cryptocurrencies to be accepted as a method of payment for taxes in said jurisdiction.
According to the legislative proposal (SB 464) presented before the finance commission of the state senate, on February 21, the intention is to open the doors legally to the users of cryptocurrencies to have the possibility of paying their taxes and tax obligations with bitcoin
The bill, which becomes the second proposal for bitcoin tax payments within the United States announced during the month of February, is in charge of Republican senators Michael Williams and Joshua McKoon. Representatives of the subcommittee on income taxes, sales tax, tax reform and public policy and financing were present at the presentation.
In addition to tax obligations, citizens of Georgia may pay "certificates, treasuries, checks" and related with cryptocurrencies. Therefore, as in Arizona, cryptocurrencies will function as a means of legal payment for specific occasions.
The commissioner must receive payments of taxes and personal licenses of companies, certificates, treasuries, money and bank checks, postcards and express money to the extent and under the conditions that the commissioner reasonably prescribes according to the regulations or instructions.
Also, the tax authority could accept other cryptocurrencies that are still to be defined. The bill foresees that they will have to convert the payments made to dollars in the 24 hours following the reception of the same, later the amount in dollars will be credited to the taxpayer's account.
As we mentioned, the proposed law presented by Williams and McKoon is similar to one presented in Arizona, since both plan to accept more than one cryptocurrency to pay the tax and relegate the responsibility of changing the cryptoactives to dollars to the tax agencies.
In Arizona, a bill that aspires to accept tax payments with cryptocurrencies was submitted, a proposal to explicitly accept cryptocurrencies such as bitcoin, ether and litecoin, as a method of payment.
In both cases, the bills have barely passed the first steps to ensure that these projects are declared current legislation in the state.
AIRDROP ALERT!!!
Don't miss out on your free crypto's worth $10-$25! join now and receive free crypto's for joining, invite your friends and youll receive additional 3-10 coins per invite (just copy and paste these links!!)
GET YOUR FREE IDAPAY COIN HERE @ - https://discord.gg/fgTR5Rk
GET YOUR FREE MEDIC COIN HERE @ - https://discord.gg/MpmEunG
GET YOUR FREE HTK COIN HERE @ - https://discord.gg/atkMyQH
GET YOUR FREE DEVIANT COIN HERE @ - https://discord.gg/j7CxMPC
GET YOUR FREE CAPITAL COIN HERE @ - https://discord.gg/b6bGjJM
GET YOUR FREE EDGY COIN HERE @ - https://discord.gg/fptM9dn
GET YOUR FREE SHARD COIN HERE @ - https://discord.gg/QSHGrhE
GET YOUR FREE BITSPACE COIN HERE @ - https://discord.gg/YJpChXJ
GET YOUR FREE AXE INFINITY COINS HERE @ - https://discord.gg/DSy2957
GET YOUR FREE ALTA COINS HERE @ - https://goo.gl/YKwNgs
JUST JOIN DISCORD AND YOU WILL BE INCLUDED IN THE AIRDROP. REMEMBER TO SHARE THESE LINKS FOR EXTRA COINS PER INVITE