The state of Georgia is considering the possibility of paying taxes using crypto currency

Two state senators in Georgia proposed a bill that would allow citizens to pay their tax liabilities in Bitcoin.

News sources report that the law presented by Senators Michael Williams and Joshua McCune, if adopted, will allow state institutions to accept as payment of taxes both Bitcoin and other crypto-currencies.

The proposed bill is linked to another, which is currently being passed through the Arizona state legislature. The law proposed in January is still pending. Subject to the adoption of this law, Arizona could become the first US state to accept Bitcoin for tax payments.

Like the Arizona bill, the one presented in Georgia also provides that tax officials convert these payments into US dollars during the day they are received.

"The commissioner converts payments made in the crypto currency into US dollars at the existing price in the market within 24 hours after receiving such a payment and credits the payer's account with such a converted amount in dollars", – he explains.

Despite encouraging facts, there is no guarantee that the bill in Georgia will succeed, given the opposition to such proposals in other states.

Previously, news sources reported that the New Hampshire state authorities had proposed a bill that would allow the use of crypto-currency payments, but the regulators did not eventually accept it as a result of voting in January of the year 2016.

Author: Olga Novikova, Analyst Freedman Club Crypto News
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