US State Considers Bitcoin For Taxes

“It has just been announced that the hearing for this bill will be on February 12, 2015 [… in] the NH Legislative Office Building, Room 2002. If any of you would like the opportunity to speak on behalf of this bill – your help would be welcome!”
— – Eric Schleien, the primary sponsor of HB 552, and member of the New Hampshire House of Representatives

New Hampshire House Bill 552 was introduced last month. The bill itself is short and concise, stating a clear goal, “An act requiring the state treasurer to develop an implementation plan for the state to accept Bitcoin as payment for taxes and fees.”

Eric Schleien, the primary sponsor of HB 552, states his intentions, “My vision is to see New Hampshire become the greatest state for business in the country by cutting government red tape wherever possible.” When asked if price volatility would be a problem for the state Schleien responded;

“all Bitcoins would be instantly converted into US Dollars removing all currency volatility risk. I directly made sure that was in the bill to address that concern.”

Joel Valenzuela, a member of New Hampshire’s Free State Project – an organization providing information for those looking to move to New Hampshire – explains the importance of the Bill, “A significant obstacle to the growth in Bitcoin use is the perception of its legitimacy,” he said recently to the PanAm Post. “If it were to be a form of payment accepted by the government, I could see Bitcoin achieve huge success in a relatively short period of time.”

The bill instigates a conversation for legislative procedures, but there is a long road ahead for this plan, before it even potentially reaches completion. The proposed deadline for Bitcoin acceptance is July 1st, 2017, providing plenty of time for the state treasurer to study the implications of receiving cryptocurrency. The state treasurer would then be required to submit the plan for adoption before January 1st, 2017. The implementation plan would then require approval from the Governor before going into effect.

The bill needs to pass in order for the state legislature to begin research of digital currency payment operations. Representatives may be more traditional when it comes to finances, and could prefer to stick to established systems rather than thinking outside of the box with Bitcoin.

This development is also great news for those seeking to cut ties from traditional currency altogether. Not only are options available for receiving paychecks in Bitcoin, the option of paying taxes with digital currency could soon be realized.