A couple of weeks back, we had reported that New
A couple of weeks back, we had reported that New Hampshire, alongside Indiana was preparing to start accepting crypto coins as a mode for tax payment. In New Hampshire, the bill had been proposed on 5th of January and this year and even before a month has passed since then, the bill has garnered unanimous approval in the state’s House Subcommittee.
The two representatives who had played an instrumental role in initiating the idea of this bill and getting the ball rolling were Dennis Acton and Michael Yakubovich. These were the men who first conceived the idea of having citizens fulfill or meet their tax obligations in crypto instead of fiat currencies. This bill, the House Bill number 470, definitely marks a watershed moment in the history of the state, as it setting out to establish a policy that is novel, unique and incredibly useful, all at once.
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The state in question is often touted as the “free state” and now a new freedom is due to be added to the roster. Over the past month, ever since the bill was brought up, the legislators, the members of the House have been debating and discussing it, weighing the pros and cons with caution.
The idea behind this bill is to employ a third party handler or payment processing company that would take care of these crypto tax payments. However, the bill does not require the state to increase the budget allocation for tax collection. The payment processing is required to be handled at no extra cost to the coffers of the state.
Explaining how the proposed scheme is supposed to work, House Bill no.470 reads:
“Implementation Plan for the State to Accept Cryptocurrencies as Payment for Taxes and Fees. The state treasurer, in consultation with the commissioner of the department of revenue administration and the commissioner of the department of administrative services, shall develop an implementation plan for the state to accept cryptocurrencies as payment for taxes and fees beginning July 1, 2020.”
The first state in the United States to make such a move was Ohio. Now, Indiana and New Hampshire are on their way to follow suit and New Hampshire just upped its game.