Arizona Tax Payments Bill Getting Revamped
Arizona’s cryptocurrency tax payments bill is being revamped and to be voted on next week.
House of Representative Jeff Weninger said the new revamp would allow residents in the state to pay their tax liabilities with cryptocurrency.
The Senate advanced the bill back in February, but it was stalled in the House of Representatives after a committee had recommended its passage.
Weninger said, “We’re still working on moving it,” and is working with Warren Petersen who drafted the measure to come up with changes.
One key change they made addressed what cryptocurrencies can be used. No one currency was selected but the word “bitcoin” is being removed out of the bill completely.
Weninger is making changes to the bill with Petersen’s permission because of the skepticism about cryptocurrencies and the market itself.
The changes to the bill also make it so tax officials can decide if they will set up their own method of exchanging crypto to U.S. dollars or if a process will be created to let companies convert their crypto into U.S. dollars.
Though some lawmakers are still cautious due to the lack of understanding the tech, Arizona is trying to position themselves as a crypto friendly state. Last year they passed a law that recognizes blockchain signatures and smart contracts as legally valid.