With the two senators of Georgia proposing a bill GA SB464, the residents of this state might soon be able to pay their taxes and license fees in cryptocurrencies like bitcoin. If this bill passes, the code section 48-2-32 of the Department of Revenue will be amended and Georgia will join the ranks of other states like Arizona.
Georgia senators propose cryptocurrencies for tax payment bill
A bill has been submitted by the two senators of Georgia, namely Michael Williams and Joshua McKoon on February 21 that proposes a change in the way the citizens of US state, Georgia pay their tax obligations. The idea is to allow the payment of taxes and license fees in bitcoin among other cryptocurrencies.
As per the proposed bill GA SB464:
“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 also mandates that the tax officials must convert the payments made in digital currency into US dollars within a day of receiving them as explained in the bill:
“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.”
The move to credit the taxpayer’s account with the converted amount is an interesting feature of this bill as it means, the volatility will still be there but will be now limited.
With Arizona in the same league, US states are going crypto
At the beginning of this month, Arizona passed a similar bill to accept cryptocurrencies for the payment of taxes along with any interest and penalties. Additionally, the Arizona Department of Revenue is obligated to convert those payments into US dollars within 24 hours.
According to Jeff Wenninger, the representative and co-sponsor of the bill the intention is to make the state the focus of the digital currency and blockchain technology in the future.
Being packed with numerous crypto companies like Bitfury, Bitpay and having more than a hundred of Bitcoin Teller machines (BTMs) along with a Bitcoin Embassy in its capital, it’s a prudent move on Georgia’s part.
The US states are opening up to accepting the cryptocurrencies at a growing rate, no doubt, the move is to reap the financial benefits of the crypto market. With the total market cap of the cryptocurrency market somewhere around $450 billion, this comes as no surprise.
What are your thoughts on Georgia allowing its citizens to pay tax in bitcoin? Do you think it is a good move and will further facilitate cryptocurrency adoption and prices? Let us know below!
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