Hold-ups on Arizona’s Acceptance of Cryptocurrency for Taxes

Arizona’s tax payment bill on paying cryptographic money was passed by the House of Representatives of the state, but there were some issues. The new bill is almost completely different from the old one.

According to the public records of the state, House of Representatives adopted Senate Bill 1091 on April 30 with votes 43 to 14. In addition, the measure in question is very different from what it was first submitted and accepted later on.

The lawmakers from the Senate and the House, who are now in charge of dealing with the situation, are beginning negotiations to reconcile these differences in a moderate way.

The biggest change that has ever occurred is commanded on the Arizona Department of Revenue.

This change helped with the acceptance of cryptocurrencies as payments for tax liabilities.

If implemented as it is, the House version will not require the Finance department to examine this issue.

Also, the bill does not specify when this work will start or how long it will take to prepare for the results to be put in a report. It is still uncertain whether the Arizona state tax centers will be able to receive payments using cryptocurrencies now or in the future.

There was a call for Senator Warren Petersen’s office to respond to the matter urgently but he did not comment on it.



Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.