Republican Senators Introduces Bill to Accept Bitcoin Tax Payments in Georgia
Following the state of Arizona, Georgia is considering to accept bitcoin tax payments from its residents. It has become the latest American state to make such consideration.
Republican senators Michael Williams and Joshua McKoon, filed Senate Bill 464 on February 21. The bill is aimed at modifying Georgia’s tax laws to compel State Commissioners revenue to accept cryptocurrencies for tax payments.
“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 bill states.
The bill establishes that upon receiving a Bitcoin tax payment, officials have 24 hours to convert the funds into fiat money and credit the taxpayer’s account with the amount converted into dollars.
It is however not clear if the bill will receive enough support to move to the legislature, since other similar projects have failed in other states in the past. Georgia is not the only state in the US currently seeking to make cryptocurrencies a valid method of payment of state taxes.
The Arizona Senate passed a bill (SB 1091) earlier this month to allow residents in the state to pay their taxes with cryptocurrency. It is currently been processed in the State’s House of Representatives and if adopted would make Arizona the first state in the U.S. to accept cryptocurrency tax payments.
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