Residents from the state of Georgia may soon be able to pay their taxes in bitcoin as two senators have introduced a bill that allows digital currency payments for tax obligations and licensure fees.
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The State of Georgia May Allow Residents to Pay Taxes in Bitcoin
Two senators from the state of Georgia, Joshua McKoon and Michael Williams, have proposed a change to the Department of Revenue’s statutes for tax collection and licenses. The bill was submitted on February 21, and the goals are similar to recent blockchain-centric bills filed in the state of Arizona — GA SB464 would allow residents from Georgia to pay their tax obligations and licensure fees in bitcoin and other digital currencies.
“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 text from GA SB464 reads.
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.
Move Over Arizona, Georgia Wants to Be a Digital Currency Hotbed
Just recently news.Bitcoin.com reported on the state of Arizona initiating a tax proposal that also allows bitcoin payments. One of Arizona’s bills has already been passed by the Senate Finance Committee. Arizona Representative Jeff Weninger told the press, “Arizona is going to be the place to be for blockchain and digital currency technology in the future.”
The state of Georgia is following Arizona’s lead likely due to the region having a large digital currency community. Georgia is home to a variety cryptocurrency-based companies such as Bitpay, Bitfury, and over 100 BTMs (bitcoin teller machines). Moreover, the state’s capital and the most populous city now has a Bitcoin Embassy. If the bill passes, it will amend the Department of Revenue’s Code Section 48-2-32.
What do you think about the state of Georgia allowing residents to pay licensure fees and tax obligations in bitcoin? Do you think this is a good thing or do you think this goes against the philosophy of bitcoin? Let us know your thoughts on this subject in the comments below.
Images via Wiki Commons, and Todd Rehm 2013.
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Source: News Bitcoin