Warning: A non-numeric value encountered in /home/cryptop1/public_html/wp-content/plugins/litespeed-cache/litespeed-cache.php on line 58
Bill that would Have Allowed New Hampshirites to Pay Tax in BTC Fails to Pass

Bill that would Have Allowed New Hampshirites to Pay Tax in BTC Fails to Pass

In January 2019, a bill was filed that would have allowed the government of the state to collect tax in Bitcoin. However, public records show that the bill has failed to pass. If the state had passed the bill, citizens living in the state of New Hampshire would have been able to pay their taxes in Bitcoin starting in July 2020.

Failed Attempts

The General Court’s Executive Departments and Administration Committee held a vote last November and agreed to end the bill. This decision was later backed by a verbal vote at the start of this year. Some legislators in the state have been pushing for the state to accept crypto when paying tax since 2015. However, the bill has always faced resistance from most other members of the state legislature.

The bill, which was being pushed by Dennis Acton and Michael Yakubovich, who are legislators in the state, was more intent on making the state the first to accept crypto for tax than offering a useful service to residents. This might be the reason it failed since it did not offer any major benefits to most people living in New Hampshire.

They seemed to have been trying to compete with Ohio, which is 2018 officially, began accepting BTC when paying taxes. The state even created a website to allow residents to pay their taxes via BTC. However, the site, known as OhioCrypto.com was later shut down.

According to the state’s treasurer, the site, which was operating as a financial transaction device, had violated the law. This was because BitPay, which was its back-end provider should have been picked via a competitive tendering process.

The state treasurer concluded that BitPay was picked irregularly. Since then, Ohio has not made any efforts to create another means for people to pay their taxes using Bitcoin. It is worth noting that less than 10 businesses used the site to pay their taxes when it launched. This might also have played a role in the decision by New Hampshire to reject the bill.

 

Leave a Reply

Your email address will not be published.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