Arizona to Drive Bitcoins Tax Payment Act

nBankruptcy commentary: Last month, Arizona Senate submitted Bitcoin tax bill has been approved by the Senate Finance Committee approval, which may increase the possibility of approval by the rules committee. The drafters of the motion said that after the start of the work, it was found that the number of cryptocurrencies holders exceeded the imagination, and the needs of this group led to the drafting of the bill.n
nTranslation: Annie_Xun
Arizona lawmakers in the United States to promote a legislative proposal may allow residents of the state to pay taxes in bitcoin.n
Earlier this month, the media reported that legislative authorities in Arizona received legislative advice and, if approved, taxpayers could pay taxes in bitcoin or other cryptocurrencies. The bill was submitted on January 9.n
The bill shows:n
n”Upon receipt of the tax, the IRS will convert the encrypted currency into U.S. Dollars in accordance with the prevailing exchange rate within 24 hours and account for the taxpayer’s account with the converted U.S. Dollars.”n
nPublic records show that the Arizona Senate Finance Committee last week passed the measure 4-3. The bill is still in the Senate Rules Committee approval, but the endorsement of the Financial Commission will increase the possibility of passage of the bill.n
In a conversation with local media ABC15, State Senator Warren Petersen, the drafter of the bill, said the bill stems from voters’ requests and feedback.n
n”I was surprised at the number of cryptocurrencies held since I started working, probably more than you suspected.”n

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