Regulations

New Hampshire in talks to accept bitcoin for taxes

The State of New Hampshire to move closer to bitcoin

Paying taxes with bitcoin has become a focus for some U.S. States to implement. As there are a lot of benefits in accepting this type of method of payment according to the State of New Hampshire.

According to the House Subcommittee, there has been a unanimous approval of the Bill 470-FN, which was filed back in January on the 5th 2019.

The New Hampshire house bill was unanimously approved of by the Subcommittee through seeking the acceptance of cryptocurrencies as payment for taxes.

This also includes fees that the state agencies will be requiring. The bill still needs to be approved by the Senate and house of Representatives alongside the Governor desk, as this marks a positive momentum in the development direction.

The state treasurer of New Hampshire will have to develop a plan for the state to start accepting cryptocurrencies as a means of payment for fees and taxes by the 1st of July 2020.

There have also been more states heading into the same direction as Indiana, where the legislators are willing to work to amend the current the taxation code of the state. Which is in order to approve the usage of all cryptocurrencies for ease of payment for taxes, liabilities and interest costs.

The first approval went to Ohio

Approving the bill will require that the treasurer of New Hampshire would also need to identify an appropriate third party payment processor at first in order to facilitate the transactions at no cost to the state.

This is similar to the legislation in Ohio where companies can now make Bitcoin tax payments at any online portal like the portal OhioCrypto.com and facilitated by the payment processor Bitpay.

The company Overstock has signed up to pay some of its state business taxes through the use of bitcoin in the Ohio state in an announcement that the company made. The acceptance of new forms of payments is becoming critical in the financial system.

In a discussion prior to the approval of the bill, the representative Jaci Grote, mentioned that they are not just approving cryptocurrencies as a means of paying taxes. But the state will also be officially recognising the cryptocurrency as a form of payment in New Hampshire.

In a recent statement was mentioned that:

” If i vote ‘Yes” on this, i’m saying that not only the state of New Hampshire accepts them (cryptocurrencies), but this is an acceptable form of payment in New Hampshire.”

What are your thoughts on the future approval of this bill? Feel free to leave your comments down below.

coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

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