Two state senators in Georgia have planned a bill that may enable voters to pay their tax obligations in bitcoin, marking the second legislative effort of its kind to emerge this year.
Public records show that the live submitted on February. twenty one by senators archangel Williams and Joshua McKoon would, if passed, tweak the principles governing the state's Department of Revenue, lease it settle for each bitcoin and alternative as-yet-to-be-defined cryptocurrencies.
"The commissioner shall accept as valid payment for taxes and license fees any cryptocurrency, including but not limited to bitcoin, that uses an electronic peer-to-peer system," the bill states.
The planned law for the most part tracks with another bill that's presently moving through the Arizona law-makers. That live, filed in Jan, has so far attracted support by lawmakers within the state, putting in the chance that Arizona might become the primary U.S. state to just accept bitcoin for tax payments.
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Like Arizona's bill, the one submitted in Georgia conjointly mandates that tax officers convert those payments into U.S. bucks among daily of receiving them.
"The commissioner shall convert payments created in cryptocurrency to us bucks at the prevailing rate within twenty four hours of his or her receipt of such a payment and shall credit the payor's account with such converted dollar amount," it explains.
Despite the encouraging signs out of Arizona, there is not any guarantee that the measure in Georgia can succeed given past opposition to such proposals in alternative states.