Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month.The ink is barely dry on President Trump’s tax legislation, and a new bill has surfaced in Arizona that kicks things up another notch. The bill proposes using bitcoin to pay state income taxes, and it was submitted by Senators Warren Petersen and David Farnsworth as well as Reps. Travis Grantham and Jeff Weninger, all of whom are Republicans.
SB 1091, whose short title is “income tax payments; bitcoin,” was introduced on in recent days. While the bill is specific to the state of Arizona, if it takes off, there could be a push for federal adoption of a similar policy.
In addition to paying the old-fashioned way, by check, the bill suggests:
“A payment gateway, such as bitcoin or other cryptocurrencies, using electronic peer-to-peer systems. The Department shall convert cryptocurrency payments to US dollars at the prevailing rate within 24 hours after receipt and shall credit the taxpayer’s account with the converted dollar amount.”
The risk of doing so, of course, is tied to the volatility in the bitcoin price. For instance, the bitcoin price in 2017 ranged from $1,000 at the start of the year, to …
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