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Georgia May Allow Tax Payments With Cryptocurrencies

Feb 27, 2018 Posted /  7004 Views

Georgia May Allow Tax Payments With Cryptocurrencies

On 21st February, a Senate bill 464 has been introduced in Georgia by Republican state senators, Joshua McKoon and Michael Williams. If approved, the state will accept cryptocurrencies as a legal form of payment for taxes and licenses.

The bill states that

“[t]he 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 bill further specifies that the commissioner will convert the amount received in the form of cryptocurrencies into US Dollars within 24 hours of time span.

"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 payment and shall credit the payor's account with such converted dollar amount," it explains.

A familiar bill was passed by Arizona’s state senate in previous month stating-

“[a] taxpayer may pay their income tax liability using a payment gateway, such as Bitcoin, Litecoin, or any other cryptocurrency recognized by the department, using electronic peer-to-peer systems.”

Likewise the bill of Georgia, the Arizona bill also specifies that cryptocurrencies will be converted into US Dollars within 24 hours. Arizona has already passed the third reading. This may coronate the state as the first state of US to accept cryptocurrencies as tax payments.

A group of mostly Republicans of Wyoming state has introduced bill SF0111 which states a list of “intangible items” which should be exempted from property tax. As per Crypto’s Federal classification, virtual tokens are part of property tax, and as per recently introduced legislation, cryptocurrencies will be exempted along with gold, and cashier’s checks.

In spite of positive signs of  Arizona, Georgia may end up with no progress in the crypto economy. In the past, a New Hampshire lawmaker proposed the same bill but vote out by state’s house representative in 2016 vote.

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Tags: Georgia Cryptocurrencies

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