Arizona Lawmakers Strook Crypto Mentions From Tax Payments Bill

Arizona Lawmakers Strip Crypto Mentions From Tax Payments Bill

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Arizona Lawmakers Strook Crypto Mentions From Tax Payments Bill

UPDATE Four May Nineteen:00 UTC: Representative Jeff Weninger told CoinDesk that there were insufficient votes for the bill with the cryptocurrency language included. Because Arizona’s legislative session ended on May Three, there are no plans to propose a future bill at this time.

Arizona’s long-in-the-making cryptocurrency tax payments bill has bot further stripped down – so much so that it no longer mentions the technology at all.

The final version of Senate Bill 1091 does not mention cryptocurrencies ter any way, despite three previous versions of the bill all specifically including cryptocurrencies spil a possible payment method, public filings showcase. The version of the bill approved by both the House of Representatives and the State Senate does say that the Department of Revenue “may develop, adopt and use a payment system that enables the instantaneous remittance and collection of tax.”

It goes on to explain:

“The Department of revenue may vormgeving, develop and provide for trial demonstrations of the adaptation, application and use of technology to enable instantaneous remittance and collection of transaction privilege tax payments, at the option of the taxpayer, at the point of sale and for payments of extra amounts after audit.”

However, it is unclear whether this technology refers to cryptocurrencies or a traditional banking system.

The bill originally sought to enable Arizona’s Department of Revenue to collect cryptocurrencies, like bitcoin, for tax payments. The bill wasgoed introduced ter January and quickly passed through several committees before being referred to the House, spil previously reported. Committees te the House similarly approved the bill’s passage, but it stalled at the beginning of March.

Representative Jeff Weninger, one of the bill’s cosponsors, zometeen told CoinDesk that the bill wasgoed being modified to become more neutro. While the flamante version specifically mentioned bitcoin, the fresh version wasgoed supposed to be “agnostic” about which cryptocurrencies could be collected, he explained.

Following the revamp, the bill wasgoed approved by the House Rules Committee and sent up to Ways and Means.

However, a fresh version wasgoed passed by the utter House at the end of April. Rather than enabling the Department of Revenue to collect taxes through cryptocurrencies, the bill directed the Department to investigate “whether a taxpayer may pay the taxpayer’s income tax liability by using a payment gateway.” Possible gateways included bitcoin and litecoin, among other cryptocurrencies.

Senators Warren Petersen and David Farnsworth and Representative Jeff Weninger, the sponsor and cosponsors respectively, did not instantly react to requests for comment. Representative Travis Grantham could not be reached.

The leader ter blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a rigorous set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests ter cryptocurrencies and blockchain startups.

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3 Responses

  1. dlove1127 says:

    Coinbase will learn the hard way that forked coins belong to the users. No warnings beforehand will switch that.

  2. Arkadiyas says:

    Your BCH is now ter your Coin Pulvínulo account, and if they did it for safety like they say I’m fine with it. Now that the Largest Brokerage is supporting BCH wij will see a big dump ? or a slow Pump ?

  3. ~Debbie~ says:

    Coinbase should take this spil a learning practice going forward.

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