Arizona Senate Passes Bill To Allow Tax Payments In Bitcoin | Zero Hedge
Description: "...sending a signal to everyone in the United States, and possibly throughout the world, that Arizona is going to be the place to be for blockchain and digital currency technology in the future."

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# Arizona Senate Passes Bill To Allow Tax Payments In Bitcoin

Authored by Helen Partz via CoinTelegraph.com,

The Arizona Senate passed a bill on Feb. 8 to allow residents in the state to pay their taxes with cryptocurrencies, public records indicate.

The Senate Bill 1091, which intends to enable cryptocurrencies for tax payment, was introduced Jan. 10, 2018 and passed by the Senate Finance Committee by a 4-3 vote on Jan. 24. On Feb. 8, the Senate passed the bill by a 16-13 margin, with one no-vote.

The bill has now been sent to Arizona’s House of Representatives.

If the bill is adopted, Arizona would become the first state in the U.S. to accept cryptocurrency tax payments by the year of 2020, as stated on the public record. The bill would allow taxpayers of the state to use “a payment gateway, such as Bitcoin, Litecoin or any other cryptocurrency recognized by the department, using electronic peer-to-peer systems.”

According to the bill, the Arizona Department of Revenue, upon receiving payments in crypto for “tax and any interest and penalties”, would be obligated to convert the cryptocurrency payments to U.S. dollars within 24 hours.

Arizona State Republican Rep. Jeff Weninger, who co-sponsored the bill, said the tax measure intends to turn the state into a center of “blockchain and digital currency technology in the future”. Referring to the tax bill, Weninger told Fox News this week:

> "It's one of a litany of bills that we're running that is sending a signal to everyone in the United States, and possibly throughout the world, that Arizona is going to be the place to be for blockchain and digital currency technology in the future."

In September, 2017, Cointelegraph reported that the municipality of Chiasso, Switzerland will enable its residents to pay taxes in Bitcoin starting January 2018, following the lead of Zug.

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Four Star Feb 11, 2018 10:52 AM Permalink

Debt to GDP of every State in the Union:

http://thesoundingline.com/how-indebted-is-your-state/

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Ahmeexnal Four Star Feb 11, 2018 10:55 AM Permalink

So I can issue my own cryptocurrency and use it to pay taxes???

These guys are really stupid. They are just jumping on a drowning wagon. Wait for these moronic "elected officials" to change Arizona's name to Blockchainzona!

In reply to Debt to GDP of every State… by Four Star

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WTFRLY Ahmeexnal Feb 11, 2018 11:03 AM Permalink

I am sexually aroused by this article.

In reply to So I can issue my own… by Ahmeexnal

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ThinkerNotEmoter WTFRLY Feb 11, 2018 11:09 AM Permalink

Immediate exchange for dollars.

It will be hilarious watching the amount due in bitcoin swing wildly by the minute.

1:00pm: Your tax bill is 5.007864 bitcoins.

1:01pm: Your tax bill is 72.692753 bitcoins.

1:02pm: Your tax bill is 32.93653 bitcoins

In reply to I am sexually aroused by… by WTFRLY

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Dsyno ThinkerNotEmoter Feb 11, 2018 11:10 AM Permalink

"So I can issue my own cryptocurrency and use it to pay taxes???"

Sure. The question is, how much is the market going to value your own personal crypto?

In reply to Immediate exchange for… by ThinkerNotEmoter

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Bes Dsyno Feb 11, 2018 11:12 AM Permalink

Arizona Insidiously Continues the War on Cash

there, fixed it for you

In reply to "So I can issue my own… by Dsyno

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BullyBearish Bes Feb 11, 2018 11:14 AM Permalink

once you understand that the central banks are getting behind bitcoin for their reasons (to get us to be comfortable with non-cash currencies) you will understand why it is NOT going away...

In reply to Arizona Insidiously… by Bes

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Baron von Bud BullyBearish Feb 11, 2018 11:34 AM Permalink

Arizona Gov Ducey has big political ambitions. I doubt he will sign the bill into law. They did previously pass and sign a law allowing taxes to be paid in gold. I wish they'd pass a law to legalize recreational weed. With three bordering states now legal, a lot of tax revenue is being lost ... and ... I hate paying that annual mmj card fee.

In reply to once you understand that the… by BullyBearish

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Sages wife Baron von Bud Feb 11, 2018 12:10 PM Permalink

I still don't understand why the 'fantasy cyber illusion of coins' is a better candidate for currency than gold. What advantage does it enjoy that Au or Ag do not? Why did we need to manufacture an illusory concept to attach value to? How does the general public benefit from this dubious distinction? Ease, speed, and confidentiality of transactions falls short because purely anonymous trade is not, and WILL NEVER BE, permitted. Whatever the purpose, it is not for the convenience or security of the mark/user but of the casino/overseer. Ultimately, it will be about taxation; and you won't be voting on it.

In reply to Arizona Gov Ducey has big… by Baron von Bud

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Dsyno Sages wife Feb 11, 2018 12:37 PM Permalink

Gold definitely has its place... a huge, and valuable place. But to answer your question: Ever try to send gold through the Interwebs?

Gold and crypto each have their own advantages/disadvantages. They each do something better than the other.

Imagine trying to flee a corrupt country with your horde of gold. Hard as hell. Now imagine doing that with bitcoin.

In reply to I still don't understand why… by Sages wife

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crazzziecanuck Bes Feb 11, 2018 11:32 AM Permalink

... until the lawsuit. I'd doubt the big banks or the Feds will sit back and let precedent happen.

In reply to Arizona Insidiously… by Bes

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BullyBearish Dsyno Feb 11, 2018 11:13 AM Permalink

..

In reply to "So I can issue my own… by Dsyno

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TheWholeYearInn ThinkerNotEmoter Feb 11, 2018 12:04 PM Permalink

What difference would that make? AZ could just hire a skill arbitrage comptroller, convert to gold and start it's own Texas style vault.

In reply to Immediate exchange for… by ThinkerNotEmoter

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Akoniti Ahmeexnal Feb 11, 2018 11:08 AM Permalink

"a payment gateway, such as Bitcoin, Litecoin or any other cryptocurrency recognized by the department"

So technically yes, if they recognized your alt. But realistically, no, it'll have to be one of the top coins.

In reply to So I can issue my own… by Ahmeexnal

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Mr_Potatohead Akoniti Feb 11, 2018 11:21 AM Permalink

"cryptocurrency recognized by the department"

BINGO! The fools who want to believe that private cryptos have a future only see what they want to see. In order to understand properly what is being done, you need to read these laws like they were written by Bill Clinton.

In reply to "a payment gateway, such as… by Akoniti

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whatswhat1@yahoo.com Mr_Potatohead Feb 11, 2018 12:08 PM Permalink

Team PPT could easily step in at anytime and stabilize the violent swings in Bitcoin. It seems like they're beta testing blockchain in the "free market" before they assume control and set an irreversible path to move the world to a global digital currency. Don't you love the smell of 1's and 0's in the morning? My favorite breakfast cereal is certified USDA organic, whole grain, ONES & ZEROS with organic rice milk and stevia. I'm going to live forever!

In reply to "cryptocurrency recognized… by Mr_Potatohead

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Dsyno Ahmeexnal Feb 11, 2018 11:09 AM Permalink

.

In reply to So I can issue my own… by Ahmeexnal

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WorkingClassMan Ahmeexnal Feb 11, 2018 11:19 AM Permalink

Sure you can. You just have to back it up with a good idea, market it for years, back it up with hundreds of thousands of people around the world mining your coin, and get yourself on the major exchanges like Coinbase, etc..

Go ahead--you have a good idea so far.

In reply to So I can issue my own… by Ahmeexnal

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adr WorkingClassMan Feb 11, 2018 12:34 PM Permalink

So the thousands of coins are backed up with good ideas?

We don't even know if Bitcoin is a good idea.

Considering many of the $100 million + coins were started as jokes and cons, I strain to find any real good idea in the crypto space.

In reply to Sure you can. You just have… by WorkingClassMan

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Endgame Napoleon Ahmeexnal Feb 11, 2018 11:21 AM Permalink

Many people get paid at tax time, like the poster on another site who explained that her family was getting $10,000 in child-tax-credit money. That is half of the yearly take-home pay in a $10-per-hour job, like licensed insurance sales or underwriting for most of the standard carriers. The refundable child tax credit maxed out at $6,444 before doubled by RepubliCON socialists.

On top of their free EBT groceries and taxpayer-subsidized rent in many cases, why doesn’t the US Treasury Department pay these citizens, legal and illegal immigrants for sex and reproduction with BitCoin?

It would be harder for the moms to blow the BitCoin on master bedroom furniture, $900 tattoos or beach trips to entertain boyfriends, bragging about it at work to single, childless citizens who must cover all of their bills on earned-only income, with a tax return that only covers a Costco membership.

In reply to So I can issue my own… by Ahmeexnal

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CHoward Ahmeexnal Feb 11, 2018 11:45 AM Permalink

OK - so I pay my tax bill in bitcoin lets say. It's $1,000 - I pay them at the going rate. They accept it. Tomorrow that bitcoin is worth $200.00. Is my tax bill still considered paid or are they coming back for more?

In reply to So I can issue my own… by Ahmeexnal

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HRClinton Ahmeexnal Feb 11, 2018 11:56 AM Permalink

How DUMB can you be, to use BTC for tax payments, AZ Bubbas?

That is WRONG on so many levels...

1. Use fiat currency for fiat debt. I.e. Use Plantation Money for Plantation Taxes.

2. You'd be providing insight/intel on your BTC trail, and how it leads to those still in the shadows.

Etc.

In reply to So I can issue my own… by Ahmeexnal

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lookslikecraptome Ahmeexnal Feb 11, 2018 12:18 PM Permalink

"IF THE BILL IS ADOPTED"

In reply to So I can issue my own… by Ahmeexnal

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Justin Case Four Star Feb 11, 2018 12:16 PM Permalink

EXCELLENT!!! They'll know exactly who has a Bicoin account that is audit ready. BRILLIANT. Many will applaud this advancement.

In reply to Debt to GDP of every State… by Four Star

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mark3383 Feb 11, 2018 10:52 AM Permalink

They also don't tax capital gains on gold. Yet they elect complete morons like McCain and Flake. Go figure.

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lester1 Feb 11, 2018 10:53 AM Permalink

Only a stupid person would accept Bitcoin as a payment for their business. The wild price fluctuations and plunges makes it nearly impossible to price your goods/services in bitcoin. You would either lose a fortune when the price plunges, or if it goes up you have pissed off customers who feel they have been ripped off and leave your company negative reviews.

Either way businesses and governments will get screwed. Bitcoin is simply too unstable as a currency and payment method. More and more people are waking up to this.. Sorry if I burst your bubble.

​​​​

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Pandelis lester1 Feb 11, 2018 10:56 AM Permalink

a stupid or a genius is all about timing ...

In reply to Only an stupid person would… by lester1

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Joomanji64 Pandelis Feb 11, 2018 10:58 AM Permalink

Christopher Columbus was a conspiracy theorist, tin-foil hat wearer who needed to up his meds...

In reply to a stupid or a genius is all… by Pandelis

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Dsyno Joomanji64 Feb 11, 2018 11:16 AM Permalink

"Only an stupid person would accept Bitcoin as a payment"

Apparently you're missing the part where these businesses/gov agencies are converting the crypto into US dollars. In Arizona's case, the law allows them 24 hours to do the conversion, though I imagine they'll be making the conversion immediately.

Someone pays in crypto, the other side receives a comparable amount in USD. Simple. Your argument isn't how it works.

In reply to Christopher Columbus was a… by Joomanji64

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lester1 Dsyno Feb 11, 2018 11:20 AM Permalink

Converting bitcoin back into dollars? Lol

So what's the point of bitcoin then ?? 😄

In reply to "Only an stupid person would… by Dsyno

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Exponere Mendaces lester1 Feb 11, 2018 11:24 AM Permalink

I'll take this one.

Since you're a sausage-snorkling retard, wipe the syrup off your chin and try to follow along.

This is just a phase in overall crypto adoption. First, you have a bunch of early adopters that supported the network and the ecosystem.

Second, you have an expanding usage of the crypto of choice, which includes services and exchanges.

Third, you start pricing things in crypto-only, and obviating the need to convert into shitty fiat.

See the future? If you don't, its okay - we already know you're an idiot. We've got this, grandpa.

In reply to Converting them back into… by lester1

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Dsyno Exponere Mendaces Feb 11, 2018 11:28 AM Permalink

"So what's the point of bitcoin then ??"

Really? What's the point of credit cards? What's the point of checks? What's the point of wire transfers? What's the point of all the thousands of other ways to send money?

Each has it's advantages/disadvantages. Each serves a different purpose.

Sorry man, but this entire argument is so juvenile and naive. Do a little bit of research.

P.S. Take your text editor off bold.

In reply to I'll take this one… by Exponere Mendaces

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CHoward Dsyno Feb 11, 2018 11:46 AM Permalink

What's the point of Life itself then????? Fuck it - just question everything!!

In reply to "So what's the point of… by Dsyno

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Meat Hammer CHoward Feb 11, 2018 11:56 AM Permalink

Why do we drive in the parkway but park in the driveway??!!

In reply to What's the point of Life… by CHoward

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lester1 Dsyno Feb 11, 2018 12:10 PM Permalink

Ive never had to pay $50 per transaction paying in cash like people have paying with bitcoin! Lol

In reply to "So what's the point of… by Dsyno

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Dsyno lester1 Feb 11, 2018 12:24 PM Permalink

Have you actually seen a $50 Bitcoin fee? I'm guessing no, so you're either guessing or regurgitating what you may have heard. On a side note, the largest bitcoin fee I've seen is $15.

When's the last time you did a wire transfer, if ever? My bank charges $30. I've seen some charge as high as $150.

Have you ever done a Western Union transfer and seen how much they charge? It's expensive as hell.

You ever buy something for $10,000 with a credit card? The receiver pays $250 to process that transaction. If you don't pay off that credit card charge that billing cycle, you pay 18% APR or whatever your interest rate is.

On another note, notice the article also said AZ will accept Litecoin and other crypto. Those have much lower transaction fees.

In reply to Ive never had to pay $50 per… by lester1

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lester1 Exponere Mendaces Feb 11, 2018 11:31 AM Permalink

Enjoy your losses "Hodling" son. Bitcoin therapy is something to look into. Your cult like behavior is sad man.

In reply to I'll take this one… by Exponere Mendaces

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presk_eel_pundit lester1 Feb 11, 2018 11:37 AM Permalink

Don't poke the bitcoin bulls, lester. The world outside of their mommies basement is a scary place.

In reply to Enjoy your losses son… by lester1

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tmosley lester1 Feb 11, 2018 11:43 AM Permalink

It would have to fall a long, long, long way for him to start experiencing losses. Presuming he didn't take some profits somewhere along the way.

In reply to Enjoy your losses son… by lester1

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lookslikecraptome Exponere Mendaces Feb 11, 2018 12:39 PM Permalink

"Since you're a sausage-snorkling retard, wipe the syrup off your chin ". DUDE That is the funniest shit I have read today. Dude, that is great.

In reply to I'll take this one… by Exponere Mendaces

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Mr_Potatohead Joomanji64 Feb 11, 2018 11:24 AM Permalink

I've seen many comments from long-time ZH members bemoaning apparent trends in the kinds of things being posted. I'm sure glad that you showed up a week ago to make things so much better for all of us. Your comments are so insightful and create so much value for ZH readers. Please keep up the good work.

In reply to Christopher Columbus was a… by Joomanji64

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lookslikecraptome Mr_Potatohead Feb 11, 2018 12:29 PM Permalink

The coiners and the gold lads fight so much it is like watching archie bunker and edith beat each other up. Neither one of you are absolute correct, or absolutely wrong. The hedge should open up safe places for both groups. That way you wont "hurt" each other and babble all the time. Be nice now and get along.

In reply to I've seen many comments from… by Mr_Potatohead

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Nature_Boy_Wooooo lester1 Feb 11, 2018 11:04 AM Permalink

You are a loser.

Find something to do with your life besides trolling Bitcoin articles.

In reply to Only an stupid person would… by lester1

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Akoniti lester1 Feb 11, 2018 11:14 AM Permalink

APMEX accepts BTC. Are they stupid?

In reply to Only an stupid person would… by lester1

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lester1 Akoniti Feb 11, 2018 11:19 AM Permalink

Yes. The Bitcoin price fluctuations are going to lose them a fortune.

In reply to APMEX accepts BTC. Are they… by Akoniti

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interrupt lester1 Feb 11, 2018 11:25 AM Permalink

Making your posts all BOLD doesn't hide the fact that you have very little of interest to say.

In reply to Yes. The Bitcoin price… by lester1

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playnstocks lester1 Feb 11, 2018 11:45 AM Permalink

Not necessarily. There are payment processors for crypto coins that liquidate the coin immediately.

In reply to Yes. The Bitcoin price… by lester1

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tmosley lester1 Feb 11, 2018 11:46 AM Permalink

You are an ignoramus. They have less exposure to BTC fluctuation than they do to PM price fluctuation. BTC payments are made within an hour, while they have to wait more than a week for a check to clear before sending the goods.

There are legitimate reasons not to like Bitcoin, but you are so blinded by bias you can't even comprehend them. You just spend your whole life looking like a total idiot.

In reply to Yes. The Bitcoin price… by lester1

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Exponere Mendaces lester1 Feb 11, 2018 11:19 AM Permalink

What a text-bolding retard rant.

Plenty of places accept it, have zero problem with it, but like most dinosaur no-coiners you've been banging the gong about "volatility is too high" when there are ways to mitigate it. Heard of Futures? They're used to hedge things like this.

Zerohedge used to have a lot of knowledgeable commenters, but they've all fucked off to the Hamptons and their private parties while the prepper goldbug fucksticks have dominated the comments in the last five years.

Bitcoin is staying, and your little fragile shell is going to be pierced by the progress of crypto.

Better get new glasses asshole, you'll need it to see the future smacking you in the face.

In reply to Only an stupid person would… by lester1

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lester1 Exponere Mendaces Feb 11, 2018 11:21 AM Permalink

You mad bro? I can't imagine how much you and other millennials have lost in this bitcoin ponzi scheme.

Enjoy paying the 24.99% interest rate on your credit cards. Lol

​​​​​​

In reply to What a text-bolding retard… by Exponere Mendaces

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