Ohio senator introduces bill to legalize Bitcoin, crypto payments for state taxes, fees – Crypto News – Crypto News
Connect with us
Ohio senator introduces bill to legalize Bitcoin, crypto payments for state taxes, fees Ohio senator introduces bill to legalize Bitcoin, crypto payments for state taxes, fees

Cryptocurrency

Ohio senator introduces bill to legalize Bitcoin, crypto payments for state taxes, fees – Crypto News

Published

1 year ago

on

Receive, Manage & Grow Your Crypto Investments With Brighty

Ohio State Senator Niraj Antani introduced legislation aiming to legalize Bitcoin (BTC) and other crypto payments for taxes and fees in the state of Ohio and its local political subdivisions.

The bill — introduced on Sept. 30 — permits Ohioans to use digital assets, including Bitcoin, to fulfill their state and local tax obligations, pushing the state toward wider adoption of crypto in government transactions.

According to Antani:

“Cryptocurrency is not just the future, but it’s the present of our 21st-century economy. We must encourage innovation and free enterprise in Ohio.”

In November 2018, Ohio became the first state to accept crypto for tax payments under then-State Treasurer Josh Mandel. However, in November 2019, a ruling by the Ohio Attorney General required the State Board of Deposits to formally approve the policy, stalling the program.

Antani emphasized that the legislation aims to position Ohio at the forefront of technological advancement and economic development. The bill pushes the legislature to act where the board failed to approve crypto use for taxes. He said:

“The State Board of Deposits should have acted, and since they haven’t, we will.”

The bill also allows state universities and public pension funds to invest in cryptocurrencies, granting these institutions more flexibility in their financial strategies.

Stately renaissance

Several states have explored or introduced legislation allowing the use of crypto for state-related payments over the last few years despite the federal government’s cautious approach toward the sector under the Biden administration.

Congressman Matt Gaetz recently introduced a bill to allow crypto payments for federal taxes as well amid shifting tides. Most of these efforts reflect the growing interest in using crypto for state payments, though adoption has been slow as the legislative process can vary greatly between states.

New Hampshire was one of the earliest to explore such legislation but the bill failed to pass. Ohio’s previous attempt in 2018 under Mandel was a significant step, but it was short-lived due to regulatory concerns.

With this renewed push from Antani, Ohio may become the second state to successfully implement such a program again after Colorado began accepting crypto for taxes in 2022 under Governor Jared Polis.

Wyoming and Arizona have been close to passing bills that would allow tax payments in crypto, with the former seeing more success. Arizona’s lawmakers introduced a bill that would allow Bitcoin to be used as legal tender for tax payments, but constitutional challenges have slowed its progress.

Meanwhile, Wyoming, already known for its crypto-friendly policies, is considering legislation to enable crypto payments for state sales and use taxes, while Louisiana recently announced it would begin accepting crypto for state services, starting with the Department of Wildlife and Fisheries amid its pro-crypto push.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending