New Hampshire Lawmakers Introduces New Bill to Legalize Tax Payment Using Bitcoin
New Hampshire is about to join some other American States in legalizing tax payment using cryptocurrencies. According to a recent report, New Hampshire state senators Dennis Acton and Michael Yakubovich have introduced a House Bill 470 and has now held a public hearing about the bill. The review of the bill by a sub-committee is expected to commence by January 29, and the house is expecting feedback by March 14, 2019.
A Third-Party Payment Processor will be Needed
If the bill gets passed, other state agencies apart from the revenue agency will also start accepting bitcoin and other cryptocurrencies in the state of New Hampshire.
Since the prices of cryptos are not stable, there is a need for the coin to be converted into actual cash as quick as possible. A third party processor is expected to help with this.
It was stated in the bill that:
“Tax payments received by the state would need to be converted to U.S. dollars or alternatively, mitigate such risk by continually monitoring cryptocurrency levels held by the state to ensure there is as much demand for state payments to vendors and payees as the state has in its ‘inventory’.”
“The plan shall address any accounting, valuation and management issues and also identify an appropriate third party payment processor that will process cryptocurrency transactions at no cost to the state. The State Treasurer is required to submit the plan to the Governor, House, and Senate by November 1, 2019.” The bill explained.
If passed, state agencies would be able to start accepting cryptocurrencies from July 1, 2020.
U.S Lawmakers Pushing Crypto Adoption
2019 has seen some US state bills in support of crypto payments getting submitted for review. Recently, senators from the state of Wyoming co-sponsored a bill which will make the state the first state in the U.S. to provide clear banking permissions for cryptocurrencies and digital assets.
Recently, the state of Ohio passes a bill which makes it the first state in the U.S to start accepting payment of task using bitcoin.
