Georgia Lawmakers Propose Tax Amendment That Allows Bitcoin Payments

[danilogmachado]

The State of Georgia May Allow Residents to Pay Taxes in BTCitcoin  

Georgia Lawmakers Propose Tax Amendment That Allows Bitcoin PaymentsTwo senators from the state of Georgia, Joshua McKoon and Michael Williams, have proposed a change to the Department of Revenue’s statutes for tax collection and licenses. The bill was submitted on February 21, and the goals are similar to recent blockchain-centric bills filed in the state of Arizona — GA SB464 would allow residents from Georgia to pay their tax obligations and licensure fees in bitcoin and other digital currencies.

“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 text from GA SB464 reads.

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.

Move Over Arizona, Georgia Wants to Be a Digital Currency Hotbed
Just recently news.Bitcoin.com reported on the state of Arizona initiating a tax proposal that also allows bitcoin payments. One of Arizona’s bills has already been passed by the Senate Finance Committee. Arizona Representative Jeff Weninger told the press, “Arizona is going to be the place to be for blockchain and digital currency technology in the future.”

The state of Georgia is following Arizona’s lead likely due to the region having a large digital currency community. Georgia is home to a variety cryptocurrency-based companies such as Bitpay, Bitfury, and over 100 BTMs (bitcoin teller machines). Moreover, the state’s capital and the most populous city now has a Bitcoin Embassy. If the bill passes, it will amend the Department of Revenue’s Code Section 48-2-32.

What do you think about the state of Georgia allowing residents to pay licensure fees and tax obligations in bitcoin? Do you think this is a good thing or do you think this goes against the philosophy of bitcoin? Let us know your thoughts on this subject in the comments below.

Font  https://news.bitcoin.com/georgia-lawmakers-propose-tax-amendment-that-allows-bitcoin-payments/

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[sabine80]

this is another great news, i think, for bitcoin. this is another sign that bitcoin will be used in the future as a real currency. for me it is a nice move of the state of georgia. maybe in the next month other states will follow georgia and accepting bitcoin too to pay taxes.

[flix]

this is another great news, i think, for bitcoin. this is another sign that bitcoin will be used in the future as a real currency. for me it is a nice move of the state of georgia. maybe in the next month other states will follow georgia and accepting bitcoin too to pay taxes.

Agreed. Government acceptance of crypto definitely adds to its legitimacy. The amendment is sure to be beneficial for Georgia by making it more attractive to cryptocurrency investors/entrepreneurs. As blockchain technology becomes more widespread, having legislation ready to deal with it will be more important.

[nc50lc]

"news.bitcoin.com" isn't that a subdomain of bitcoin.com where Bitcoin Cash was proclaimed the real bitcoin?
Is that "Bitcoin" they are talking about in the news BTC?

However, the webpage seems positively focused on cryptocurrency news. Good job for them.

Now, I would like to see my Country dictating the same proposal.
It's nice to be able to use Bitcoin for paying tax than just for online payments and remittance.

[squatz1]

While I do think this is great and all, I don't think it's something which is really going to help the bitcoin community. Like yes, I do understand that having more people in the CRYPTO space is nice -- but it's not like they're going to do anything crypto related, all they're going to do is collect the crypto and then sell it for FIAT.

I just think that while it is good news, it's not as good as some people are going to make it. Plus the government isn't doing this out of the kindness of their hearts, they're doing it cause they know they'll earn more revenue like this.

[Pan Troglodytes]

While I do think this is great and all, I don't think it's something which is really going to help the bitcoin community. Like yes, I do understand that having more people in the CRYPTO space is nice -- but it's not like they're going to do anything crypto related, all they're going to do is collect the crypto and then sell it for FIAT.

I just think that while it is good news, it's not as good as some people are going to make it. Plus the government isn't doing this out of the kindness of their hearts, they're doing it cause they know they'll earn more revenue like this.

Sure, it is like opening a new channel for payments and that's it. But nowadays, when Steam and other corporations actually close Bitcoin related payment channels, it is really good news.

Moreover, existing places where you can actually pay in Bitcoin, they always process Bitcoin payments just by selling the Bitcoins instantaneously and processing the resulting dollars (or euro or whatever) instead.

[jimbo2000]

There seems to be a push from a few states to accept bitcoin as a method of payment for taxes, I think for the most part this is being used as a tactic to encourage those who earn through bitcoin to better self report their earnings and pay what they have earned. Facilitating to these people is something that's very easy but it could make a big difference.

[sabine80]

this is another great news, i think, for bitcoin. this is another sign that bitcoin will be used in the future as a real currency. for me it is a nice move of the state of georgia. maybe in the next month other states will follow georgia and accepting bitcoin too to pay taxes.

Agreed. Government acceptance of crypto definitely adds to its legitimacy. The amendment is sure to be beneficial for Georgia by making it more attractive to cryptocurrency investors/entrepreneurs. As blockchain technology becomes more widespread, having legislation ready to deal with it will be more important.

i think the same. although i have not really thought of investors and companies. i have not seen it from this side. but that's right, it will be much more attractive for them.