Indiana, New Hampshire could be the next to accept cryptocurrency for taxes

On January 24, a bill to amend the current Tax Code relating to taxation was filed, requesting the acceptance of cryptocurrencies for the payment of taxes. Another bill requiring the New Hampshire Treasurer to develop an implementation plan to accept cryptocurrencies for the payment of taxes has also been tabled.

Pay taxes with cryptocurrencies in Indiana

Bill No. 1683, tabled on January 24, calls on the Indiana General Assembly to amend the current Indiana Tax Code.

When pbaded, the bill may approve the use of one or more virtual currencies to pay taxes, penalties, interest, costs, special badessments or any other item. liability imposed under the bill.

According to the document, a county treasurer

determine the value of the payment in US dollars at the time of payment using the applicable exchange rate.

If the bill is approved by the Indiana General Assembly, it will come into effect on July 1, 2019.

New Hampshire on a similar path

In the state of New Hampshire, the invoice number 470-FN, filed on January 5, 2019, aims to accept cryptocurrencies as a means of payment of taxes and fees by public bodies.

If the bill is pbaded by the Senate and the House of Representatives before the Tribunal, the State Treasurer, in consultation with other state officials, will have to develop an implementation plan to allow the State to start accepting cryptocurrencies as payment of fees and taxes as of July. 1st 2020

The plan is also supposed to identify an appropriate third-party payment processor. According to the documents, the payment processor should facilitate transactions at no cost to the state.

The plan should be submitted by the state treasurer no later than November 1st.

The bill will allow state agencies to accept cryptocurrency payments, but does not require it to do so, suggesting that approval may be required.

Seminole County, Florida, became the first locality in the United States to accept Bitcoin as a tax in May 2018. Later in November, Ohia also began accepting Bitcoin as a tax.

What do you think of paying taxes with crypto-currencies? Do not hesitate to let us know in the comments below!

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