Tag Archives: Taxpayers

Illinois is Looking at Tax Payments in Bitcoin

Illinois has joined a growing number of US states looking to pave the way to allow cryptocurrencies as payment for taxes. House Bill 5335, aka the Revenue Cryptocurrency Bill, is being sponsored by Rep. Michael Zalewski, a Democrat. It’s an amendment to the current Department of Revenue Law of the Civil Administrative Code of Illinois, and it declares that “in addition to any other method of payment provided for by law,” cryptocurrencies will be accepted as payment for state taxes. The state would then convert the cryptocurrency payment into fiat money “at the prevailing rate” within 24 hours, and the taxpayers account becomes credited with the converted USD amount. The bill was first introduced in February and in recent days was assigned to the Revenue and Finance Committee. It’s really been a wave of states showing an interest in adding bitcoin and other cryptocurrencies into their revenue streams. Wyoming, which is also competing for the title of blockchain capital, is considering a bill that would lift state property tax on cryptocurrencies. Meanwhile, similar to Illinois, Arizona and Georgia are looking to legalize bitcoin as a payment for taxes.

Reference: https://www.ccn.com/the-prairie-state-takes-up-crypto-tax-payments/