Georgia has been making the news lately. The European country has proposed a bill that would allow citizens to pay their taxes in Bitcoin. This marks the second legislative effort of this kind emerging in 2018.
According to the public records, the measure submitted on February 21st by the senators Michael Williams and Joshua McKoon. If it passes, the measure will tweak the rules governing the state’s Department of Revenue to accept both Bitcoin and other altcoins.
“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,” is what is included in the bill.
Arizona has a similar bill that is currently moving through legislature. The measure which is filed in January has attracted support by lawmakers in the state and set up the possibility for the state to become the first one in the US to accept Bitcoin for tax payments. Georgia’s bill is very similar to Arizona’s, mandating that tax officials should convert the payments into US dollars within a day of receiving them.
“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,” is what is explained in the bill.
There is still no guarantee that this bill in Georgia will pass.
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