Could Arizona residents soon pay their state taxes with bitcoin? One lawmaker is looking to make that a reality.
Arizona state Sen. Warren Petersen has sponsored a bill that, if approved, would allow residents to pay their tax liabilities using cryptocurrencies such as bitcoin.
According to the bill’s text, residents would be able to pay their taxes, any interest and penalties in the form of a check or a “payment gateway, such as bitcoin or other cryptocurrency, using electronic peer-to-peer systems.”
“The department shall convert cryptocurrency payments to United States dollars at the prevailing rate within 24 hour after receipt and shall credit the taxpayer’s account with the converted dollar amount.”