Ohio Business Have Option to Pay Taxes in Cryptos

Residents of the state of Ohio may be the first to pay their taxes in Bitcoin, according to a Wall Street Journal article, posted on November 25, 2018. Currently, the plan is to let businesses to adopt the payment option first, then followed by private citizens.

 

Starting this week, Ohio-based companies will have the option to go to the website OhioCrypto.com and register to pay everything from “cigarette sales taxes to employee withholding taxes” with the flagship digital asset, bitcoin. The tax payments are to be processed through the crypto payments service, BitPay.

According to the WSJ report, Ohio state Treasurer Josh Mandel, pushed for the crypto  payment option, stating:

“I do see [bitcoin] as a legitimate form of currency.”

Mandel believes that his state will continue with the adoption of cryptocurrency as legal tender, even after the end of his term, however, this is not the first bill to propose the option to pay taxes in cryptos. Other states have attempted similar initiatives but only to see them delayed by state lawmakers.

 

Back in May 2018, Arizona’s House of Representatives put through a tax bill enabling citizens to pay their taxes using cryptocurrencies, however, the bill has been bogged down with amendments. The state of Georgia also experienced a similar outcome back in February. The bill’s current status reads:

“Introduced on February 21 2018 – 25% progression, died in committee”