New Hampshire’s Crypto Tax Bill Gains Some Early Traction

A Crypto Tax bill proposed in the New Hampshire that will enable the residents to pay taxes via cryptocurrency has been attracting much attention lately.

Basically, House Bill 470, if approved would allow state-level agencies, including New Hampshire’s tax office to accept cryptocurrency as payment. The Bill has managed to clear its first minor hurdle by obtaining approval from a subcommittee on the House Executive Departments and Administration Committee, with amendments.

Composed of Reps. Mark Proulx, Jaci Grote, Carol McGuire, and Samantha Fox, the subcommittee voted to add some protections for the state as an amendment, ensuring that if a transaction fails or is sent to the wrong address, New Hampshire can still collect on the appropriate taxes.

However, the amendment is more  technical than substantial, McGuire said, explaining:

“It’s just being more specific about how we do it … it doesn’t change the intent of [the bill] at all.”

At the time of writing, the text of the formal amendments wasn’t available. According to Legiscan, another subcommittee work session on Feb. 13. If the bill is approved by the House and Senate, and signed by Governor Christopher Sununu it will give the state treasurer the right to determine how to accept cryptocurrencies for tax payments by November 2019. Actual acceptance of cryptocurrencies would then commence in July 2020.

Source link