Ohio State Senator Niraj Antani has introduced a new bill that will allow residents to pay local and state taxes and fees using cryptocurrencies. The bill is described as a step towards supporting innovation and free enterprise in the state.
Overview of the New Bill
The new bill proposes the use of cryptocurrencies for paying taxes and fees. It is currently awaiting committee assignment and review. Before becoming law, the bill must be approved by Ohio’s bicameral legislature. If the bill is not passed by the end of December, it will likely die. This is not the first time Ohio has considered accepting digital assets for taxes. In November 2018, the Ohio State Board of Deposits declined a similar proposal.
Reactions and Criticism
As with any new initiative, the bill has elicited various opinions. Critics are concerned about privacy, arguing that accepting tax payments in digital assets would allow the government to link personal identities with on-chain wallets. However, supporters believe that the adoption of cryptocurrency technologies promotes innovation and free enterprise in the state.
Other States and Crypto Payments
Other states have already started considering the use of cryptocurrencies for tax payments. For instance, Colorado began accepting crypto for tax payments in 2022, although refunds are not issued in digital assets. Florida Governor Rick DeSantis has also stated that he wants businesses in his state to be able to pay taxes with cryptocurrency, but no official proposals have been introduced yet. Orlando, Florida, allowed its residents to pay taxes with digital assets as early as 2018.
The new Ohio bill could be a significant step toward integrating cryptocurrencies into the state’s official financial systems. While critics have expressed concerns, supporters believe it will foster economic growth and innovation in the region.
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