The House of Representatives of Arizona passed SB1091, a tax bill that would allow residents of the state to pay their tax bills by cryptocurrency, according to the legislative records of the March 7th.
Advancing the bill in committee means the first of three readings required of each bill by Arizona law. Support for the bill by Republican legislators increases the likelihood that it will pass before the House, which is governed by a Republican majority.
As previously reported by Cointelegraph, the bill passed the Arizona Senate on February 8. While the bill allows Arizona citizens to pay their taxes in cryptocurrency, he says the government must convert crypto payments into US dollars within 24 hours. of their reception.
A sponsor of the bill, Rep. Jeff Weninger, cited the convenience and opportunity to attract new businesses to Arizona as driving forces behind the introduction of the bill:
“… Arizona will be the place to be for [Blockchain] and digital currency technology in the future. Easy to use, be able to do it in the middle of the night, be able to do it at home while you watch TV. I think in a few years it will not even be a question. ”
If the bill passes the state legislature, Arizona will be the first state to accept, although other states across the United States have introduced bills Similar. Georgia and Illinois are both considering legislation that would accept cryptocurrencies for taxes and license fees.
The state of Wyoming is also working on legislation for cryptocurrencies, having introduced a new bill that would exempt crypto from state property tax and securities settlements.