Ohio: First State in the U.S. to accept Bitcoin for taxes

The state of Ohio in the U.S. is slated to become the first state to accept bitcoin (BTC) as a tax payment, according to a report by the Wall Street Journal (WSJ) on November 25.

The move, according to WSJ, will only apply to businesses initially. There are plans to extend the offering to individual taxpayers sometime in the future. Ohio-based businesses, starting this week, will now be able to pay all their taxes in leading cryptocurrencies. BitPay is said to be the payment processor for this initiative.

The state treasurer, Josh Mandel stated, “I do see (bitcoin) as a legitimate form of currency.” He also told the publication that he is ‘confident that this cryptocurrency initiative will continue’ after his term ends in January. Mandel told journalists that he, as an elected state official, is able to decide that his office will be able to accept cryptocurrency ‘without approval from the legislature or governor.’

Several bills in other U.S. states in the past year that proposed the acceptance of crypto for tax payments have been initiated but lawmakers have delayed their final passing.

In May, a tax bill was passed by the Arizona House of Representatives which would allow citizens to pay taxes using cryptocurrencies. However, following the vote the initiative has been stymied with amendments.

In February, the state of Georgia had also introduced a bill to accept cryptocurrencies as a valid form of payment for taxes. At the time of the press, the bill’s status read, ‘25% progression, died in committee.’

Link to original article here.

 


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