State Of Georgia Publicly Considers Accepting Bitcoin For State Taxes

Georgia Considers Allowing it's Residents to Pay State Taxes in Bitcoin

On February 21, 2018, two Georgia state senators by the names of Michael Williams and Joshua McKoon publicly consider accepting the cryptocurrency Bitcoin (BTC) as a form of state tax.

The recently submitted a public record titled as “Georgia Senate Bill 464.” This bill that will allow the residents of Georgia to pay their state taxes in Bitcoin if it is passed.

Other Cryptocurrencies Aside From Bitcoin Will Be Accepted if the Bill is Passed

In the George State Senate Bill 464 it clearly states that “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.”

This is the second event in the US of its kind. The first state to have made a similar proposal was Arizona.

Like the bill written Arizona, the one in Georgia also mandates that tax officials convert those Bitcoin payments into U.S. dollars within 1 day of receiving the payments.

It is stated:

“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.”

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