A new bill will enable Ohio taxpayers to use Bitcoin and other cryptocurrencies for tax payments shortly as introduced by State Senator Niraj Antani.
As of September 30th, Antani presented legislation that forces local and state governments in the State to implement cryptocurrency as a tax payment option.
Previously the State faced the issue of crypto tax payments. Under the direction of then-State Treasurer Josh Mandel Ohio became the first state in the U.S. to accept Bitcoin for tax obligations in 2018.
Ohio’s Crypto Tax Revival
Less than a year after implementation the program was discontinued. In November 2019 the state decided to halt the service following recommendations from the attorney general for approval from the State Board of Deposits.
This bill from Antani seeks to reestablish digital currencies as a recognized payment alternative for state taxes and charges. Ohio pension funds and state universities could invest in cryptocurrencies as the bill is set to approve.
The Ohio General Assembly will examine the bill. This step vastly illustrates cryptocurrency’s rising relevance in discussions at the federal level.
As upcoming elections approach there has been growing scrutiny over the position taken by the Securities and Exchange Commission under Chair Gary Gensler on cryptocurrency regulation.
