[2018-02-26] Georgia Lawmakers Propose Tax Amendment That Allows Bitcoin Payment

[FollowSynergy]

Residents from the state of Georgia may soon be able to pay their taxes in bitcoin as two senators have introduced a bill that allows digital currency payments for tax obligations and licensure fees.

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

Two 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.

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

[Qartersa]

Residents from the state of Georgia may soon be able to pay their taxes in bitcoin as two senators have introduced a bill that allows digital currency payments for tax obligations and licensure fees.

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

Two 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.

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

Wow! I am really amazed at how fast they are in terms of regulation matters. No wonder they are the forerunners of these developments that will surely later on be emulated by other States and countries.

Nevertheless, as to the Bitcoin Embassy, I would like to know how they are going to do this considering that Bitcoin is beyond the control of governments? They can only control so much in terms of taxation. And with it, I understand they would have to have processes for KYC to ensure all taxes due the government can be exacted. Just how they will do this, is my concern. It is not like those of traditional fiat currencies wherein governments can just control the flow of money in terms of supply.

[shinjunobi09]

Although it would be a burden to some because after all that, still, we couldn't hide from the charges around the government because everything we do with our money they want intervention or charges from it through the imposition of taxes. Never the less this would help ease the mind of those who are still not into crypto as they can see that bitcoin and other coins from crypto will not be disbanded that easily or be banned because the government is showing some support on it.