Senate Bill 464 may allow Georgia residents to pay income tax with cryptocurrency.
With tax season coming up fast, most of us dealing in cryptocurrency are drowning in what’s, how’s, and what-if’s. For newcomers, topics such as how to deal with gains and losses and what to do if you’re a miner are causing headaches. Similarly, those of us whose daily pay for our services comes predominantly in crypto format have our own questions.
Since crypto was worth $410 billion in mid-February 2018, it stands to reason that there are enough people invested in this concept that governments should cater to them, at least to some degree, lest losses occur on all fronts.
While some of these questions are still without a concrete answer, it is evident that lawmakers are catching up with the crypto trend, and are listening to the population.
Georgia is among the states that is trying to make life for cryptocurrency users at least a little bit easier. On February 21, Georgia Senate Bill 464 was introduced. If passed, this could make it possible to pay taxes in cryptocurrency rather than traditional fiat money.
This is similar to a bill introduced in Arizona last month (January) which may make this state the first in the nation to accept crypto payments for taxes.
Despite past opposition to supportive cryptocurrency legislation, other states are also coming around to the coins, or at least accepting that they are here to stay for now. Wyoming is in the midst of Senate Bill 111 which “would exempt cryptocurrencies from the state’s property tax.” In another crypto-positive push from the state of Arizona, a bill SB 1091 was passed that allow state residents to pay income taxes in bitcoin or Litecoin.
There seems to be a sort of competitive spirit among many states to frame themselves as a haven for cryptocurrency users and businesses. Last year, Nevada became the first state to ban blockchain taxes.
The coming year is likely to hold several new bills in various US states concerning blockchain and cryptocurrency, and we are also likely to see similar trends around the globe.