Among today’s Bitcoin news, the new bill presented by the Ohio senator, who wants to allow tax payments in BTC, cannot be missed.
Bitcoin News: Niraj Antani from Ohio and the bill to pay taxes in BTC
Niraj Antani, senator of Ohio, has introduced a new bill to allow the payment of taxes and other levies in Bitcoin (BTC).
TODAY: I introduced a bill the legalize the use of cryptocurrency to pay state and local taxes and fees. Cryptocurrency is not just the future — it’s the present. I’m proud to be the most pro-cryptocurrency Member of the Ohio Senate. READ: pic.twitter.com/9lpYdkoGWT
— Niraj Antani (@NirajAntani) September 30, 2024
“TODAY: I presented a bill to legalize the use of cryptocurrencies 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 crypto-friendly member of the Ohio Senate.”
In practice, Antani says he is in favor of the crypto sector, considering it as the present and the future.
Here is why his bill is said to be ready to legalize the leader of crypto, Bitcoin (BTC) as a payment option for state taxes and other levies.
If such a proposal were to be approved, the inhabitants of Ohio could fuel the adoption of BTC.
Bitcoin News: the second attempt to adopt BTC for tax payments in Ohio
In reality, this new bill presented by Senator Antani to allow tax payments in Bitcoin (BTC) in Ohio, is already the second attempt.
In fact, Antani points out that Ohio was the first state to accept cryptocurrencies for tax payments in 2018.
In fact, the following year, the attorney general of the State had advised the State Deposits Council to approve the use of cryptocurrencies, something that, however, it never did.
So, at the time, there was zero enthusiasm for crypto from the Ohio State Depository Board, which halted the progress of the situation.
As of today, Antani has then specified that if it was not in the past the Council of State for deposits, then there will be the legislator attempting to achieve the legalization of BTC in the Country. Here are Antani’s words:
“This policy should have been applied by the Consiglio di Stato for the deposits when it deemed it necessary. Since they did not act, the legislator will do it.”
Colorado is the first US state to accept BTC for paying taxes
While Ohio makes its second attempt, Colorado is the first state in the USA to accept BTC for tax payments.
In fact, in Colorado it has been already two years that this new service exists which allows the use of Bitcoin and other crypto to pay:
– the income tax on natural persons;
– the corporate income tax;
– sales and use tax;
– withholding tax;
– tax on dismissal;
– excise duty on fuel.
The only condition for the citizens of Colorado is that in order to use their crypto for these payments, they must use exclusively their PayPal account.
This happens because the Colorado does not want to hold Bitcoin or other crypto. On the contrary, its intention has always been to opt for an instant conversion into fiat currency.