Georgia Senate Bill Would Enable Cryptocurrency Use for Tax Payments

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Earlier this month, the Arizona Senate passed a bill designed to allow taxpayers to use cryptocurrencies to pay their state income taxes. This week, Georgia state Senators Joshua McKoon and Michael Williams introduced a bill to provide the same benefit to their state’s residents, Senate Bill 464.

The bill would allow the commissioner of the Georgia Department of Revenue to accept Bitcoin and other digital currencies from taxpayers settling tax bills or license fees. The plan also requires that any digital currency received by the department be exchanged for U.S. dollars within twenty-four hours.

According to the text of Senate Bill 464:

“The commissioner shall accept as valid payment for taxes and license fees any cryptocurrency, including but not limited to Bitcoin, that uses an electronic peer-to-peer system.

 

The commissioner shall convert payments made in cryptocurrency to United States dollars at the prevailing rate within 24 hours of his or her receipt of such a payment and shall credit the payor's account with such converted dollar amount."

Meanwhile, the Arizona measure has been submitted to the state’s House of Representatives for consideration. If the state’s representatives pass it in its current form, then the bill will only require the Governor’s signature to become law.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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