Georgia Next State In Line To Accept Crypto For Taxes, Licenses
Source Cointelegraph The US state of Georgia is the next state in line to possibly accept cryptocurrencies as a valid form of payment for state taxes and licenses, according to a bill introduced on Feb. 21. Senate Bill 464, introduced by Republican state senators, Joshua McKoon and Michael Williams, proposes that “[t]he 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 stipulates that once payments are received, the commissioner will convert the cryptocurrency to US dollars within a period no longer than 24 hours. This new legislation comes on the heels of very similar measures undertaken Arizona’s state senate in bill passed earlier this month , allowing that, “[a] taxpayer may pay their income tax liability using a payment gateway, such as Bitcoin, Litecoin, or any other cryptocurrency recognized by the department, using electronic peer-to-pe