On Monday, Ohio State Senator Niraj Antani proposed legislation to establish Ohio as one of the few states to accept crypto payments for state and local taxes.
The proposed legislation requires all political subdivisions in Ohio to accept Bitcoin and other cryptocurrencies for payments, with the specific digital assets yet to be determined.
“Cryptocurrency is not just the future, but it’s the present of our 21st-century economy,” said Antani, noting how the bill aims to normalize crypto usage in Ohio’s financial arena.
Ohio briefly experimented with crypto tax payments in 2018 when it became the first state to allow businesses to pay taxes using Bitcoin.
This initiative was spearheaded by then-State Treasurer Josh Mandel but was short-lived; the Ohio Attorney General ruled that the State Board of Deposits needed to approve the program.
The Board’s failure to act resulted in the program’s termination. Antani’s bill aims to bypass this hurdle by explicitly requiring the acceptance of crypto payments for taxes and fees.
“Former State Treasurer Josh Mandel was a leader on cryptocurrency in 2018, and Ohioans have him to thank for being an early adopter of this innovation,” Antani said, calling out the missed opportunity to act on the growing crypto trend.
The bill also seeks to permit state universities and pension funds to invest in the asset class. If enacted, it would mark a major expansion of the state’s engagement with crypto.
Other U.S. states have explored similar ventures into crypto adoption. Colorado became the first state to officially accept Bitcoin for tax payments in 2022, allowing citizens to pay various taxes through PayPal, although refunds are given in U.S. dollars.
Florida has also shown interest, with Governor Ron DeSantis pushing for businesses to pay state taxes in cryptocurrency in 2022. Utah, meanwhile, enacted H.B. 456, directing its government to accept cryptocurrency for tax payments beginning in 2023.
“By allowing Ohioans to pay their taxes and fees with cryptocurrency, we will be on the cutting edge,” Adani stated, reflecting on the importance of progress in crypto adoption.
Edited by Sebastian Sinclair
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Source: https://decrypt.co/283968/ohio-senator-introduces-bill-allow-bitcoin-crypto-payments-state-taxes
