Pay Your Taxes With Bitcoin

 

First reported by CoinDesk, you can read the details of the bill at Legiscan and the bill’s changes to the tax code on the Arizona state legislator’s site.

 

What is this bill?
In short, this Arizona state bill (SB1091) will allow you to pay your state taxes in Bitcoin (and potentially other cryptocurrencies as well). Supposedly other states are also considering this, but Arizona is the only one to have made any progress towards it.

 

What’s the news?
If you have followed Bitcoin related news you would know that this is not the first time this story has broke, in fact it’s been in the news on and off for nearly 4 months. Just like the previous times, however, it’s in the news because of the progress it is making.

According to Legiscan, after passing the Arizona State Senate it is now going to be voted on in the Arizona House of Representatives; meaning that it is getting close to either being signed by or vetoed by Arizona’s governor Doug Ducey (assuming it passes the house).

 

What does this mean for Bitcoin?
If this bill passes, it will be a great source of publicity for Bitcoin; as well as a much needed source of adoption that will help give Bitcoin a better sense of “legitimacy”. Still though, it shouldn’t be to overblown, as this is kind of news will probably be shrugged off after some time by most everyone (as with most news it seems – everything has a flashy title and politically charged content that is forgotten by the time the next story breaks).

 

Do I think it will pass?
Judging by the rate of success it has had getting to the point that it has gotten, as well as the fact that most politicians are probably looking to get their names in the headlines (for a good reason of course); makes me pretty sure that this will pass. Of course I’m no political analyst, so take my predictions with a grain of salt.

 

Final Thoughts:
Like I said above, I think this is a badly needed source of legitimacy and good publicity for Bitcoin. I’m expecting this bill to pass, although to be honest I think it’s more for show and publicity; and that it really will not remain in the news for all that long (or become all that utilized).