16 out of 30 deputies voted for this law. “The taxpayer will now be able to pay income tax using bitcoin, litecoin or any other cryptocurrency recognized by the department using electronic payment systems,” the bill says.
"The department shall convert the cryptocurrency payment into U.S. dollars at the prevailing rate upon receipt and credit the taxpayer's account with the converted U.S. dollar amount, less any fees or expenses incurred by the department in making the conversion."
The bill must now be approved by the U.S. House of Representatives before being enacted into law. If approved, it would be the first such bill in the Western world, and Arizona would essentially make cryptocurrency legal.
"This is one of many bills we are filing that sends a signal to everyone in the United States and perhaps the world that Arizona is embracing digital currency and blockchain technology," said Arizona State Representative Jeff Windinger.
Arizona is drafting another bill that could overturn the Internal Revenue Service's interpretation by declaring the asset on Based on blockchain technology as a currency rather than a commodity.
If successful, Congress might end double taxation of digital currencies and might even follow Japan in declaring cryptocurrency legal tender.
But there was little excitement at the congressional level, even as states declared the utility of using blockchain technology. Tennessee is one such state. Its legislators are also in the process of passing a cryptocurrency bill to legalize interactive contracts and electronic signatures based on blockchain technology. “Tennessee is ready for blockchain,” Arizona State Representative Pat Marsh said at a meeting to consider the bill. “We are ready, too,” he added.
However, the biggest breakthrough may come from the state of Wyoming, which has filed a bill, supported by the Speaker of the House, calling for “securities and remittance laws” to be waived for “blockchain tokens.”
If passed, it would be a seminal step and ensure the state’s place in the history of blockchain technology.
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According to https://www.trustnodes.com
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