In the latest edition of the tax bill proposed in Arizona, there was not a word about the cryptocurrency. At the same time originally, the document was to provide residents of the state to pay taxes in digital assets, according to CoinDesk.
“We gained too few votes when the document contained the language of the cryptocurrency. The legislative session in Arizona ended may 3, so at the moment there are no plans to offer a new bill”, — said a member of the house of representatives Jeff Weninger.
According to the publication, the final version of the Senate bill 1091 mentions cryptocurrency of any kind, despite the fact that in the previous three editions particular emphasis on the digital assets as a payment method for tax purposes. At the same time, the current version already approved by the House of representatives and state Senate. The document only vaguely notes that the Department of revenue “can develop, implement, and use a payment system that will allow for money transfers and collection of taxes.”
“The Department of revenue may prepare, develop and provide demonstration test methods of implementation and use of technology to directly make cash payments and collect tax duties at the taxpayer’s choice, at the point of sale [PoS] and upon payment of additional amounts after the audit”, — the document says.
At the same time, the current version does not specify what kind of “technology” in question — about cryptocurrency or a traditional banking system.
We will remind, it was planned that Arizona will become the first state in the United States, whose residents will have the opportunity to pay taxes with bitcoin and other cryptocurrencies.
In support of the bill, then voted 16 senators, against his decision made 13, but in the end the margin of three votes was enough. Subsequently, the bill was referred to the House of representatives of Arizona for further consideration.
However, in April 2017, Arizona adopted a historic law about smart contracts and blockchain technology, sponsored by Jeff Weninger. In particular, the law legalizes digital signatures created using the blockchain technology, as well as “smart contracts”.