News Crypto Tax Bill Clears First Hurdle in New Hampshire...

Crypto Tax Bill Clears First Hurdle in New Hampshire Legislature

-

- Advertisment -

A proposed law in New Hampshire that would allow residents to pay their taxes with cryptocurrency is seeing some early traction.

House Bill 470, which would allow state-level agencies (including New Hampshire’s tax office) to accept cryptocurrencies for payment if approved, cleared its first minor hurdle last week after being passed unanimously by a subcommittee on the House Executive Departments and Administration Committee, with amendments.

The subcommittee – composed of Reps. Mark Proulx, Jaci Grote, Carol McGuire and Samantha Fox – voted to add some protections for the state as an amendment, ensuring that if a transaction fails or is sent to the wrong address, New Hampshire can still collect on the appropriate taxes.

That being said, the amendment is more technical than substantial, McGuire said, explaining:

“It’s just being more specific about how we do it … it doesn’t change the intent of [the bill] at all.”

The text of the formal amendments was not available at press time. There will be another subcommittee work session on Feb. 13, according to Legiscan.

If the bill is approved by the House and Senate, and signed by Governor Christopher Sununu, it would direct the state treasurer to determine how it may accept cryptocurrencies for tax payments by November 2019. Actual acceptance of cryptocurrencies would then commence in July 2020.

State agencies would have to partner with a to-be-determined third-party processor to convert funds into fiat, similarly to how Ohio currently processes its own crypto tax payments.

New Hampshire sign image via Mark Van Scyoc / Shutterstock

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Top 8 Potential Cryptocurrency Business Ideas for 2021

Which word comes into your mind when you hear or think of the word ‘cryptocurrency’? It might...

3 Important Reasons to Have AML for Cryptocurrency Business

In this article we are going to examine the 3 most important reasons to Have AML for...

Use of Smart Cards in Blockchain App Development

Ever since blockchain technology made a major breakthrough all over the globe, experts and forecasters have been...

IMF: Risk of substitution of domestic money by central banks’ digital currencies

Central banks around the world began looking closely at the issuance of their own digital currencies, known...
- Advertisement -

Ripple: The cryptocurrency that will ‘change’ the world in 2020

Ripple could say he's a child of Bitcoin: In December 2017 Bitcoin hit a record price in...

Spain approves Crypto Holdings disclosure bill from cryptocurrency holders

Spain approves Crypto Holdings disclosure bill from cryptocurrency holders. Spain's government has reportedly approved...

Must read

- Advertisement -

Read Next
Recommended to you