New Hampshire Lawmakers to Allow Residents Pay Tax with Bitcoin and Cryptocurrency

russia crypto tax

A newly put forward cryptocurrency law in New Hampshire is getting some considerable progress. The law will give the people living in the state the opportunity to pay taxes using cryptocurrency.

The bill recently scaled its initial reading as it was passed unanimously by a subcommittee on the House Executive Departments and Administration Committee. House Bill 470, as it’s called, will make state agencies receive cryptocurrencies as payment, should a resident choose to.

Amendments

The bill was amended a little bit, to guard the interests of the government. The subcommittee which comprised Jaci Grote, Samantha Fox, Mark Proulx and Carol McGuire, added an amendment that guarantees that in the event of an unsuccessful transaction or a mistake in the sending and receiving of said crypto, New Hampshire will still be able to collect its taxes. McGuire explained that the amendment is “just being more specific about how we do it … it doesn’t change the intent of [the bill] at all.”

Specifics about the amendments are generally unobtainable as the text was not given to the press. However, the subcommittee work session will again sit and do a few more deliberations soon.

Implementation Of The Bill

If the bill is eventually accepted and approved, it would then require the state treasurer to ascertain methods of receiving cryptocurrency tax latest by November 2019. After this, the real process of receiving cryptocurrency tax payments would eventually kick off by July 2020. The bill will have to be approved by the House and Senate and eventually assented to and signed by Governor Christopher Sununu.

JOIN OUR NEWSLETTER
I agree to have my personal information transfered to MailChimp ( more information )
Join over 3.000 visitors who are receiving our newsletter and learn how to optimize your blog for search engines, find free traffic, and monetize your website.
We hate spam. Your email address will not be sold or shared with anyone else.