Arizona's Bitcoin Tax Bill Got a Big Vote of Confidence

The Arizona House of Representatives committee has endorsed the bill permitting state residents in paying tax bills using bitcoin. On March 7, the House's Ways and Means Committee took the matter a bit higher according to public records. While the proposal will not be finalized until the entire house supports it, the endorsement has the possibility of being sent back to the governor for signature before it becomes state law.

Lawmakers started thinking of the issue back in January, as reported previously by CoinDesk. If assented to, residents will start paying tax, interest, and penalties using bitcoin or other cryptocurrencies. While the details of this advance will need revisiting, the measure also invites the state's Department of Revenue to change the cryptocurrency into U.S. dollars within 24 hours.

On February 8, the Senate of Arizona State endorsed the bill with a 16-13 vote before passing it to the House only one week later. If the bill is signed into law, Arizona will become the first state in the U.S. to accept digital currencies for tax payments. However, CoinDesk has reported other two states Georgia and Illinois to have made similar proposals, although it remains to see whether they will enjoy similar support.

Fresh remarks from one of the co-sponsors of the bill propose that the measure fits into a broad strategy into making Arizona an accommodative atmosphere with the tech. It is among the litany of bills that are sending signals to everyone across the United States, and even throughout the globe.