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Author Topic: Georgia considering accepting bitcoin for tax payments.  (Read 151 times)
Don Pedro Dinero
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February 23, 2018, 08:00:09 PM
 #1

Good news: after Arizona, Georgia may pass a bill to allow bitcoin for tax payments:

https://www.coindesk.com/georgia-us-state-consider-bitcoin-tax-payments/amp/

“Two state senators in Georgia have proposed a bill that would allow citizens to pay their tax obligations in bitcoin, marking the second legislative effort of its kind to emerge this year.

Public records show that the measure submitted on Feb. 21 by senators Michael Williams and Joshua McKoon would, if passed, tweak the rules governing the state's Department of Revenue, letting it accept both bitcoin and other as-yet-to-be-defined cryptocurrencies.
"The commissioner shall accept as valid payment for taxes and license fees any cryptocurrency, including but not limited to bitcoin, that uses an electronic peer-to-peer system," the bill states.

The proposed law largely tracks with another bill that is currently moving through the Arizona legislature. That measure, filed in January, has thus far attracted support by lawmakers in the state, setting up the possibility that Arizona could become the first U.S. state to accept bitcoin for tax payments.

Like Arizona's bill, the one submitted in Georgia also mandates that tax officials convert those payments into U.S. dollars within a day of receiving them.

"The commissioner shall convert payments made in cryptocurrency to United States dollars at the prevailing rate within 24 hours of his or her receipt of such a payment and shall credit the payor's account with such converted dollar amount," it explains.
Despite the encouraging signs out of Arizona, there's no guarantee that the measure in Georgia will succeed given past opposition to such proposals in other states. As CoinDesk previously reported, a New Hampshire lawmaker advanced a bill that would allow cryptocurrency payments, but the state's House of Representatives ultimately shot it down in a January 2016 vote.”


Let’s hope those bills are finally passed as they would be a huge boost for bitcoin, and more countries would join.

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February 23, 2018, 09:01:30 PM
 #2

Confirmed that senators Michael Williams and Joshua McKoon are HODLERS too.  Grin

If this will be passed it's a good adoption for Arizona and Georgia. There's nothing to worry with the tax payers or commissioners base on the article upon receiving the payment, they have to convert it immediately with USD.

With bitcoin's popularity, there's a chance that it will be passed but yeah let's hope that it will even though I'm not living there.

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February 24, 2018, 02:37:46 AM
 #3

Bitcoin's popularity has made even local governments within the US more money hungry. They know people will more likely use their in value increased Bitcoins to settle their taxes instead of fiat they work hard for.

It's a smart and pretty effective way to lower the obstacle that people consider paying tax to be. It would be even cooler if the government kept hodling the coins people paid their taxes with, but that's not realistic now.

I wonder what they will do if the price tanks with 30% after them having received the coins. I am fairly sure that they will delay the conversion process to allow the market to climb back up again.

BSV is not the real Bcash. Bcash is the real Bcash.
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February 24, 2018, 05:42:23 AM
 #4

wow that is really a good news for all of us as this will have a positive feedback with all of us so for me that was a great news. Hoping that we can have some government officials here in our country as well that is also involve in crypto.
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February 24, 2018, 10:32:04 AM
 #5

I can sense that there will be a coming bandwagon for many states to adopt Bitcoin (and hopefully also other top cryptocurrencies as well) as a currency for paying people's tax obligations. This can easily spread to other states where there can be a sympathetic following for Bitcoin. This is a good move actually and one that can surely benefit the Bitcoin and cryptocurrency in general. Since there might be no coming recognition from the federal government, a similar stance on the state level is equally very much welcome.
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February 24, 2018, 11:08:57 AM
 #6

Confirmed that senators Michael Williams and Joshua McKoon are HODLERS too.  Grin

If this will be passed it's a good adoption for Arizona and Georgia. There's nothing to worry with the tax payers or commissioners base on the article upon receiving the payment, they have to convert it immediately with USD.

With bitcoin's popularity, there's a chance that it will be passed but yeah let's hope that it will even though I'm not living there.

Well, its a welcoming news indeed. What I like though is that they will immediately convert it to USD. And besides, I think its a good move because those bitcoin holders in Arizona and Georgia do not need to hide from the prying eyes of tax collectors because they will voluntary make the move to pay their taxes. As holders, we always have the feeling that government are really targeting us because we don't want to pay tax. But if bitcoin payment will be an option, then I'm more willing to used it to pay my due diligence to the government.

P.S. I'm also not living in the States, but I used to stay in Phoenix for about a year.  Grin and travel to Las Vegas to gamble. LOL. One of the happiest times of my life. Grin

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February 24, 2018, 09:45:56 PM
 #7

Confirmed that senators Michael Williams and Joshua McKoon are HODLERS too.  Grin

If this will be passed it's a good adoption for Arizona and Georgia. There's nothing to worry with the tax payers or commissioners base on the article upon receiving the payment, they have to convert it immediately with USD.

With bitcoin's popularity, there's a chance that it will be passed but yeah let's hope that it will even though I'm not living there.

Well, its a welcoming news indeed. What I like though is that they will immediately convert it to USD. And besides, I think its a good move because those bitcoin holders in Arizona and Georgia do not need to hide from the prying eyes of tax collectors because they will voluntary make the move to pay their taxes. As holders, we always have the feeling that government are really targeting us because we don't want to pay tax. But if bitcoin payment will be an option, then I'm more willing to used it to pay my due diligence to the government.

P.S. I'm also not living in the States, but I used to stay in Phoenix for about a year.  Grin and travel to Las Vegas to gamble. LOL. One of the happiest times of my life. Grin
They have to convert it to USD so that they can prevent it will be used by someone who will hold the fund / tax after receiving the payment.

But I don't think those holders on the said areas will be paying their taxes through bitcoin, most of us want to hold for long but still this is a good one for giving another choice of paying tax.

And the best thing about this is the exposure and possible adoption that will happen.

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February 24, 2018, 11:05:50 PM
 #8

Good news: after Arizona, Georgia may pass a bill to allow bitcoin for tax payments:

https://www.coindesk.com/georgia-us-state-consider-bitcoin-tax-payments/amp/

“Two state senators in Georgia have proposed a bill that would allow citizens to pay their tax obligations in bitcoin, marking the second legislative effort of its kind to emerge this year.

Public records show that the measure submitted on Feb. 21 by senators Michael Williams and Joshua McKoon would, if passed, tweak the rules governing the state's Department of Revenue, letting it accept both bitcoin and other as-yet-to-be-defined cryptocurrencies.
"The commissioner shall accept as valid payment for taxes and license fees any cryptocurrency, including but not limited to bitcoin, that uses an electronic peer-to-peer system," the bill states.

The proposed law largely tracks with another bill that is currently moving through the Arizona legislature. That measure, filed in January, has thus far attracted support by lawmakers in the state, setting up the possibility that Arizona could become the first U.S. state to accept bitcoin for tax payments.

Like Arizona's bill, the one submitted in Georgia also mandates that tax officials convert those payments into U.S. dollars within a day of receiving them.

"The commissioner shall convert payments made in cryptocurrency to United States dollars at the prevailing rate within 24 hours of his or her receipt of such a payment and shall credit the payor's account with such converted dollar amount," it explains.
Despite the encouraging signs out of Arizona, there's no guarantee that the measure in Georgia will succeed given past opposition to such proposals in other states. As CoinDesk previously reported, a New Hampshire lawmaker advanced a bill that would allow cryptocurrency payments, but the state's House of Representatives ultimately shot it down in a January 2016 vote.”


Let’s hope those bills are finally passed as they would be a huge boost for bitcoin, and more countries would join.



This is awesome. I also heard they were trying to make it to where you don't have to pay taxes on bitcoin transactions under $600 per day. Let me find the link.
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February 25, 2018, 01:51:15 PM
 #9

I wonder what they will do if the price tanks with 30% after them having received the coins. I am fairly sure that they will delay the conversion process to allow the market to climb back up again.

Well they seem to be proposing to make sure they sell all the crypto they get within 24 hours to mitigate that risk, but anyone who's had experience with the market will say that 24 hours is plenty of time for things to go south. They'll have to invest a lot more resources into the process as well, giving employees additional training and making sure they track the exchange rates at the point of payment and sale. It's a lot of effort with little upside, which is why I don't believe this will pass, unless they use a service like Bitpay.

Also, would you want to pay your tax in crypto? You're going to be giving the government yet another way to track you and your finances. I don't think I'll be taking this option, even if I had it.

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February 25, 2018, 03:14:44 PM
 #10

I can sense that there will be a coming bandwagon for many states to adopt Bitcoin (and hopefully also other top cryptocurrencies as well) as a currency for paying people's tax obligations. This can easily spread to other states where there can be a sympathetic following for Bitcoin. This is a good move actually and one that can surely benefit the Bitcoin and cryptocurrency in general. Since there might be no coming recognition from the federal government, a similar stance on the state level is equally very much welcome.

Always admired how states such as Arizona and Georgia openly accepts and promotes innovation in their respective communities. This is a good step towards development and hopefully would be the start of adaptation for other states and countries as this move would definitely raise awareness towards Bitcoin usage and implementation. As CryptoBry highlighted, one action of a well-developed state can greatly influence the others. Let's hope that things would continuously go well so that people would start appreciating how efficient, flexible, and profitable Bitcoin can be.
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February 26, 2018, 10:31:24 AM
 #11

...

I wonder what they will do if the price tanks with 30% after them having received the coins. I am fairly sure that they will delay the conversion process to allow the market to climb back up again.

I think it is more likely that they will place the exchange rate risk on the taxpayer.
They will simply convert it right after receiving it (probably automated) and if Bitcoin dropped
in this time frame by 20 % they will simply send the taxpayer a tax bill for another 20 %.

There is no way that they are gonna take on the exchange rate risk themselves when they
can just as easily place it on the taxpayer.

Nevertheless these are good news, because this makes a BTC ban even more unlikely
in the US.
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February 26, 2018, 04:24:01 PM
 #12

Confirmed that senators Michael Williams and Joshua McKoon are HODLERS too.  Grin

If this will be passed it's a good adoption for Arizona and Georgia. There's nothing to worry with the tax payers or commissioners base on the article upon receiving the payment, they have to convert it immediately with USD.

With bitcoin's popularity, there's a chance that it will be passed but yeah let's hope that it will even though I'm not living there.
There would really be high ranked persons would normally accumulate bitcoin as much as they can.They have decided to adopt bitcoin then its normal to think that they do know on how good it is when it comes to investment.We know the earning opportunity that it gives this is why I'm not even surprised if they would really do such thing.About this news its good that there are still some countries who do have open minds to accept bitcoin and even on taxation they don't have any problems at all.

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February 26, 2018, 05:24:41 PM
 #13

I still haven't seen anyone paying signature campaign taxes, and paying taxes that belong to dead exchanges.

I wonder if the process would be easier if you could pay them directly with bitcoin. If anyone pays a relevant amoun of taxes from bitcoin-related income and having some problems with lack of market trades history (for example, having made gains in Cryptsy or Mintpal which are now dead exchanges, so assume you lost the trading history) let me know, because im worried about that. I lost my damn trading history on these dead exchanges, it sucks. And I also mixed some coins. So I wonder if presenting signature proof of the address in which you got paid is enough, or the address in which you deposit your coins at in the exchange will be monitored in the blockchain to see that they connect.. in this case that connection is lost on my mixed ones and on the ones that I sent and withdrew into now dead exchanges... I hate the clusterfuck of taxes with bitcoin.
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February 26, 2018, 05:34:42 PM
 #14

Confirmed that senators Michael Williams and Joshua McKoon are HODLERS too.  Grin

If this will be passed it's a good adoption for Arizona and Georgia. There's nothing to worry with the tax payers or commissioners base on the article upon receiving the payment, they have to convert it immediately with USD.

With bitcoin's popularity, there's a chance that it will be passed but yeah let's hope that it will even though I'm not living there.
This is warming news and it good to know that senators Michael Williams and Joshua McKoon are bitcoin hodler. OmG! This is the reason why Georgia was among the bitcoin friendly state in the US from the get go Smiley Wish more people in the political sector will believe in bitcoin potential and also become a hodler too.

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Kingofbitcoin12345
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February 26, 2018, 11:18:31 PM
 #15

When dealing with such geniune idea and a positive one,, let’s look at that points only and never think much on the negative sides.. It helps a lot in making the discussion much interesting.. Those senators represented themselves like us who value cryptocurrency and willing to participate in the economic prosperity of each country.. Support or don’t give a salty comment to it..

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February 27, 2018, 12:10:32 AM
 #16

When dealing with such geniune idea and a positive one,, let’s look at that points only and never think much on the negative sides.. It helps a lot in making the discussion much interesting.. Those senators represented themselves like us who value cryptocurrency and willing to participate in the economic prosperity of each country.. Support or don’t give a salty comment to it..

Its true because we are in a one big community against the government who are trying to control over the cryptomarket. This is a good move and I hope that this can be executed well. Arizona and Georgia hodlers will not worry anymore because their government support this kind of technology.

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February 27, 2018, 01:11:28 PM
 #17

Confirmed that senators Michael Williams and Joshua McKoon are HODLERS too.  Grin

If this will be passed it's a good adoption for Arizona and Georgia. There's nothing to worry with the tax payers or commissioners base on the article upon receiving the payment, they have to convert it immediately with USD.

With bitcoin's popularity, there's a chance that it will be passed but yeah let's hope that it will even though I'm not living there.
This is warming news and it good to know that senators Michael Williams and Joshua McKoon are bitcoin hodler. OmG! This is the reason why Georgia was among the bitcoin friendly state in the US from the get go Smiley Wish more people in the political sector will believe in bitcoin potential and also become a hodler too.
It's sarcasm when I've said that it's confirmed that these two senators are HODLERS.

Not only because they are proposing a tax payment system and bitcoin is the medium to it. Maybe they are or maybe they are not.

But visioning the impact of this proposed tax will be great when it will be pass. Other nearby towns or states will follow as well if this will have a positive result on collecting tax.

..R.I.O.B.E.T..
CRYPTO CASINO
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February 27, 2018, 01:30:33 PM
 #18

Confirmed that senators Michael Williams and Joshua McKoon are HODLERS too.  Grin

If this will be passed it's a good adoption for Arizona and Georgia. There's nothing to worry with the tax payers or commissioners base on the article upon receiving the payment, they have to convert it immediately with USD.

With bitcoin's popularity, there's a chance that it will be passed but yeah let's hope that it will even though I'm not living there.
This is warming news and it good to know that senators Michael Williams and Joshua McKoon are bitcoin hodler. OmG! This is the reason why Georgia was among the bitcoin friendly state in the US from the get go Smiley Wish more people in the political sector will believe in bitcoin potential and also become a hodler too.
It's sarcasm when I've said that it's confirmed that these two senators are HODLERS.

Not only because they are proposing a tax payment system and bitcoin is the medium to it. Maybe they are or maybe they are not.

But visioning the impact of this proposed tax will be great when it will be pass. Other nearby towns or states will follow as well if this will have a positive result on collecting tax.
There would be only two paths which they would either decide to hold or just really concerned purely on taxation matters but it would really be more much better if they will decide to hold or to make involvement with it because if these persons do make such act then advantage of it is there when it comes to popularizing or more exposure on bitcoins existence or adoption into nearby towns which would result in possible higher chances of adoption which will really be helpful into the entire community.
jossiel
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February 28, 2018, 10:43:27 PM
 #19

Confirmed that senators Michael Williams and Joshua McKoon are HODLERS too.  Grin

If this will be passed it's a good adoption for Arizona and Georgia. There's nothing to worry with the tax payers or commissioners base on the article upon receiving the payment, they have to convert it immediately with USD.

With bitcoin's popularity, there's a chance that it will be passed but yeah let's hope that it will even though I'm not living there.
This is warming news and it good to know that senators Michael Williams and Joshua McKoon are bitcoin hodler. OmG! This is the reason why Georgia was among the bitcoin friendly state in the US from the get go Smiley Wish more people in the political sector will believe in bitcoin potential and also become a hodler too.
It's sarcasm when I've said that it's confirmed that these two senators are HODLERS.

Not only because they are proposing a tax payment system and bitcoin is the medium to it. Maybe they are or maybe they are not.

But visioning the impact of this proposed tax will be great when it will be pass. Other nearby towns or states will follow as well if this will have a positive result on collecting tax.
There would be only two paths which they would either decide to hold or just really concerned purely on taxation matters but it would really be more much better if they will decide to hold or to make involvement with it because if these persons do make such act then advantage of it is there when it comes to popularizing or more exposure on bitcoins existence or adoption into nearby towns which would result in possible higher chances of adoption which will really be helpful into the entire community.
It's out of citizen's care whether they get involve or not they will hold but its people's money so just like the other news that I've read, they have to sell it immediately or within the week so that its value won't rise or fall.

That's why public office is a public trust, they have to follow on what is written on their law when it comes to holding bitcoin tax/payments. They already are supporting bitcoin and you might be too excited or getting too deep with what you are asking.

..R.I.O.B.E.T..
CRYPTO CASINO
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Maglaver
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February 28, 2018, 11:48:35 PM
 #20

Those scammy corrupted senators did it again Smiley Nice job. I would like to hear more news like this.
Wider adoption of crypto is coming.
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