Georgia is the next U.S. state in line to possibly endorse digital currencies as a legitimate type of payment for state licenses and taxes, according to the bill introduced in February.
Senate Bill 464, presented by Republican state senators, Michael Williams, and Joshua McKoon proposed that “The commissioner shall accept as legal payment for license fees and taxes any digital currency, including although not limited to bitcoin, which utilizes an electronic peer-to-peer system. The bill specifies that after payments are obtained, the commissioner will change the cryptocurrency into U.S. dollars within a period not exceeding 24 hours.
The new law comes on the heels of similar steps taken by Arizona bill that was passed earlier this month and which states that, “Taxpayers can pay their income tax liability utilizing a payment gateway, such as litecoin, bitcoin or other forms of cryptocurrencies accepted by the department, applying electronic peer-to-peer systems.” Also, the Arizona bill authorizes crypto to be changed into US dollars within 24 hours.
Arizona is probably among the leading states in the US to endorse cryptocurrencies for tax payments presently, having passed its third reading by a narrow margin.
Recently, Wyoming introduced the law that would exempt digital currencies from being taxed as property according to the crypto’s federal classification since 2014. An assemblage of mostly republicans presented bill SF0111, which proposes a catalog of “intangible items”, among which are digital currencies, cashier’s checks, and gold, which would be exempted from property taxes.
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Initially, while the news may look like a boon for cryptocurrency users, tax law professional Robert Wood wrote in the specialist take for Cointelegraph that utilizing digital currencies for tax reimbursement can lead to paying more taxes, since profits in cryptocurrencies may themselves be subject to investment income tax and capital gains tax.
Awesome news! When states start accepting crypto currencies as a form of payment for taxes, cryptos become more and more legit on a daily basis! Thanks for the post!
@brettcalloway Very true. Crypto is trending on a smooth path nowadays..Welcome for more posts and news!
Let's get all the states and countries approving this.!!!
👍
@edusol5 Sure. It seems others will follow.
That sounds like they would take Steem, too!
@fishyculture He.e we hope so. Something good and great is cooking behind the scenes!
Hello @crytofy This is a good news. I think it´s great. I want to thank for your gift that you game a few days ago. I am following you. Thank you very much!...
@samueldc Sure. The news come at a good time. You are much welcome. Keep following for similar ones.