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Pro-crypto Ohio Senator Niraj Antani introduced a new bill that will allow citizens of the state to pay local and state taxes and fees using cryptocurrencies such as bitcoin (btc).
“Cryptocurrency is not just the future, but the present of our 21st century economy,” Antani said in a Sept. 30 post on x. He said the recent bill is part of his effort to “encourage innovation and free enterprise in Ohio.” .”
New Ohio crypto Tax Bill Under Review
The timeline for the possible entry into force of the new bill is still unclear. It is currently awaiting assignment and committee review. Before the bill reaches the governor's desk, it will also require a full vote by Ohio's bicameral legislature.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”8.6377708978328″>
TODAY: Introduced a bill to legalize the use of cryptocurrency to pay state and local taxes and fees. Cryptocurrencies are not just the future: they are the present. I am proud to be the most pro-cryptocurrency member of the Ohio Senate. READ: pic.twitter.com/9lpYdkoGWT
-Niraj Antani (@NirajAntani) twitter.com/NirajAntani/status/1840745739283988761?ref_src=twsrc%5Etfw”>September 30, 2024
If the bill is not passed by the end of December, which is the end of the Ohio legislature's two-year session, it will likely disappear.
This is not the first time Ohio has explored accepting digital assets as taxes. In November 2018, the state left the decision to approve crypto tax payments to the Ohio State Depository Board. However, it decided not to adopt digital assets as a tax payment option at that time.
Critics are concerned about privacy and argue that accepting tax payments in digital assets would allow the government to link personal identities to on-chain wallets.
Other states have opened up to paying crypto taxes
Ohio is not the first state to consider accepting crypto tax payments. colorado started accepting crypto for tax payments in 2022.
However, refunds are not paid in digital assets. Florida Governor Rick DeSantis said that same year that he wanted businesses in his state to also be able to pay their taxes in cryptocurrencies. However, no official proposal has been implemented yet.
There are also several jurisdictions that have allowed residents to pay their taxes using digital assets. One of those jurisdictions is Orlando, Florida, which opened the option to its residents in 2018.
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