Ohio State Senator Niraj Antani has introduced a bill allowing taxpayers in Ohio to pay their taxes using cryptocurrency. If enacted, this could simplify tax payment processes for those already using cryptocurrencies.
Bill introduction
On September 30, Ohio State Senator Niraj Antani introduced a bill allowing taxpayers in the state to pay their taxes in Bitcoin (BTC) and other cryptocurrencies. The proposed legislation would mandate state and local governments to accept crypto as a payment method for taxes.
Initiative history
This is not the first time Ohio has considered Bitcoin as a legal tax payment option. Ohio became the first U.S. state to accept crypto for taxes in 2018, with then-State Treasurer Josh Mandel spearheading the initiative. However, the state suspended the Bitcoin tax payment service a year later. In November 2019, the state dropped crypto as a mandated form of paying taxes after advice from the state’s attorney general that the decision to accept BTC and crypto for taxes needed approval from the State Board of Deposits.
Impact on pension funds and universities
Antani’s plan also includes making it legal for pension funds and state universities to invest in cryptocurrency. The bill will be considered by the General Assembly of the State of Ohio. Cryptocurrency has increasingly become a key issue in the U.S., commanding significant attention amid the upcoming election. The approach by the U.S. Securities and Exchange Commission, which has emphasized regulation by enforcement, has attracted criticism across Congress. SEC Chair Gary Gensler came under fire during a recent Congressional hearing on SEC oversight.
Enacting Antani’s bill could significantly simplify tax payments for cryptocurrency users and expand investment opportunities for public organizations. Cryptocurrency continues to remain an important topic in the U.S. economic and political landscape.
