The state of New Hampshire isn't accepting tax payments in the form of Bitcoin, yet. In what would have otherwise been a landmark legislative development in the application of Bitcoin, the New Hampshire House of Representatives has collectively decided that they are not quite ready to…
The state of New Hampshire isn’t accepting tax payments in the form of Bitcoin, yet.
In what would have otherwise been a landmark legislative development in the application of Bitcoin, the New Hampshire House of Representatives has collectively decided that they are not quite ready to accept tax payments in the form of Bitcoin. Last year a bill named HR522 was introduced to the New Hampshire State Legislature by Representative Eric Schleien (R). The billed was pegged with the following description:
“This bill requires the state treasurer, in consultation with the commissioner of the department of revenue administration and the commissioner of the department of administrative services, to develop an implementation plan for the state to accept bitcoin as payment for taxes and fees.”
Currently, there are no states in the United States of America which allow Bitcoin in any way shape or form to pay tax obligations, while some do accept tax obligation payments through payment processors.
Rep. Schleien set to work in educating his peers and colleagues in trying to get everyone on the same page on what Bitcoin in, how it works and what its benefits would be. Overall Rep. Schleien believed there would be little to no negative impact on the state of New Hampshire by adopting this motion:
“The plan shall address any accounting, valuation, and management issues relative to the acceptance of bitcoin and shall identify an appropriate third party payment processor that will process bitcoin transactions at no cost to the state.”
While the bill was voted down 264 to 74, it’s still remarkable that 74 representatives were forward thinking enough to entertain the idea of Bitcoin’s use in state government. Rep. Schleien plans to continue his efforts to get the bill through the state legislature until it passes.
As seen with other controversial, yet progressive measures in the United States such as medical marijuana in states such as Colorado, and Washington, where states take decisive and swift action to implement a responsible action plan, others will follow, which can eventually lead to Federal recognition and implementation. Best of luck to Rep. Schleien and his constituents.
Featured image of Shutterstock.
Last modified: January 25, 2020 11:15 PM UTC