According to the official document, The Arizona House of Representatives has just approved a new bill called Senate Bill 1091. This piece of legislation grants the citizens an opportunity to pay taxes in cryptocurrencies. Positive development it might be, but the progress was quickly hindered by the following amendments, which can be interpreted very loosely.
The new bill was aimed at the Department of Revenue of Arizona, which is now obliged to accept crypto as a legitimate form of tax payment. After receiving crypto payments, the state government is then supposed to convert the digital currency payments to US dollars within 24 hours. The amendment of the bill, however, stated that The House only asks the Department of Revenue to “consider the possibility” of cryptocurrency payments.
“The department shall study whether a taxpayer may pay the taxpayer’s income tax liability by using a payment gateway, such as Bitcoin, Litecoin or any other cryptocurrency that uses electronic peer-to-peer systems.”
The amended bill is written in very ambiguous terms, without giving any timeframes for the proposal implementation. No info on the possible fees was released. It looks like the bill is going to be re-negotiated many times before the viable agreement is reached.
Arizona is the latest state that joined the growing lists of states actively working on producing a legal framework for operations with cryptocurrencies.