The newly proposed law in New Hampshire that will let residents pay their taxes using cryptocurrency has officially passed its first minor hurdle and in today’s crypto news we are going to find out how the law passed unanimously by the subcommittee on the House Executive Departments and Administration Committee.
House Bill 470 would allow for state-level agencies such as the tax office in New Hampshire, to accept cryptocurrencies for payment and the bill has cleared its first hurdle last week with amendments.
The subcommittee composed of Samantha Fox, Mark Proulx, Jaci Grote, and Carol McGuire voted to add further protections for the state as an amendment saying that if a certain transaction fails or was mistakenly sent to the wrong address, New Hampshire could still be able to collect the appropriate taxes.
McGuire explained some more:
“It’s just being more specific about how we do it … it doesn’t change the intent of [the bill] at all.”
At press time, the text of the amendments was not available since there will be a new subcommittee gathering and another work session on February 13. If the bill is approved by the House and Senate and signed by the Governor of New Hampshire Christopher Sununu, it will be able to determine how cryptocurrencies will be accepted for tax payments by the end of November this year.
If that happens, the state agencies will have to cooperate with a third-party processor in order to convert the funds into fiat just as Ohio did with its crypto tax payments.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post