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A proposed bill in New Hampshire, which would allow residents to pay their taxes with cryptocurrency, is beginning to make its way.
Bill 470, which would allow state-level agencies (including the New Hampshire tax office) to accept cryptocurrencies for payment purposes, lifted its first minor hurdle last week after being pbaded. unanimously by a sub-committee of the steering committees amendments.
The subcommittee – made up of representatives Mark Proulx, Jaci Grote, Carol McGuire and Samantha Fox – voted in favor of adding protections to the state as an amendment, ensuring that if a transaction fails or is sent to the wrong address, New Hampshire can still collect on the appropriate taxes.
That said, the amendment is more technical than substantive, said McGuire, explaining:
"It's just being more specific about how we do it … it does not change the intent of [the bill] at all."
The text of the formal amendments was not available at the time of the press. There will be another working session of the subcommittee on February 13, according to Legiscan.
If the bill is approved by the House of Commons and by the Senate, and signed by Governor Christopher Sununu, he would order the state treasurer to determine how he could accept cryptocurrencies for payment of taxes By November 2019, the effective acceptance of the cryptocurrencies would begin in July 2020.
Public bodies should badociate with a third-party processor to determine, to convert their funds into a trust, in the same way that Ohio is currently processing its own cryptographic tax payments.
Sign image of New Hampshire via Mark Van Scyoc / Shutterstock
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