Illinois lawmakers are planning to allow state residents to pay taxes in cryptocurrency. Illinois will be the third US state to file a cryptocurrency tax bill.
Arizona was the first state, then Georgia legislators proposed this option, and now Illinois is following suit.
Illinois Bill 5335 states:
“In addition to any other payment method authorized by law, the Department will accept payments in cryptocurrency as payment for any taxes levied by the state and administered by the Department.”
Illinois bill filed by Representative Michael Zalewski on February 15, at is largely similar to bills in two other states that call for tax authorities to accept payments in cryptocurrency by converting them into U.S. dollars on the same day. The bill has been referred to the Illinois Revenue and Finance Committee for consideration.
As with the Georgia bill, it remains to be seen whether the Illinois bill will be as successful as the Arizona bill. Let us remind you that members of the Arizona State Senate passed their bill on February 8, and it is now being considered by the House of Representatives.
According to https://www.coindesk.com
You May Also Like
Crypto standards for the SEC. Will they be accepted?
A proposed framework for cryptocurrency regulation in the United States was released on Monday. Its provisions may become principles for future interaction between the SEC and the ICO market.
Japan's FSA reports 'quasi-operators' of crypto exchanges in the country
The Financial Services Agency (FSA), Japan's financial regulator, previously gave permission to 16 crypto exchangers to operate in the country. The FSA has also given permission to 16 other exchanges, including Coincheck, to provide cryptocurrency trading services, even though their license applications are still pending.
