Bitcoin is becoming increasingly widely used as a payment method. In fact, a growing number of online and offline merchants are now set up to handle crypto transactions. More people than ever are learning about cryptocurrencies. They are beginning to use them for daily transactions. New Hampshire residents could soon have yet another way to spend their bitcoin – paying their tax bills. This news follows a proposed law gaining a nod of approval from lawmakers.
House Bill 470 would enable state-level agencies in New Hampshire to accept payments in cryptocurrency. This covers a range of payments for state-provided services and facilities, as well as payments to the state’s tax office.
A subcommittee on the House Executive Departments and Administration Committee passed the bill. This represents a first step of clearance towards becoming official state law.
The bill passed with selected amendments. However, those have been described by sources close to the bill as technical rather than substantial.
Rep. Carol McGuire said the amendments were designed to clarify, rather than change, the fundamental aims of the bill.
“It’s just being more specific about how we do it … it doesn’t change the intent of [the bill] at all.”
Both the House and Senate need to pass the bill. If the bill does become law, it could see crypto payments for taxes coming on-stream for July 2020.
Other states have already introduced or are working on similar measures. Their plan is to make crypto payments a recognised method for settling state tax liabilities.
Most notably, Ohio became the first state in the US to accept payment for taxes in bitcoin. Consequently, a number of taxes are eligible for crypto payments.
It’s still early days for New Hampshire. However, the bill’s smooth passage at the first stage is cause for optimism that a change in the law could be on the way.
If passed, the state treasurer will determine the method for accepting crypto payments by November this year.