Implementation News: Illinois Has Been Quietly Considering Bitcoin for Tax Payments

Be well, Everyone.


Illinois Has Been Quietly Considering Bitcoin for Tax Payments

Legislators in Illinois are weighing a proposal to allow residents in the state to pay their taxes in cryptocurrency.

With the move, Illinois joins a growing list of U.S. states that are considering such measures, and the bill – filed in February and previously unreported – marks the third effort of its kind to emerge in 2018. The trend got started in January with Arizona, then Georgia lawmakers threw their hat in the ring the following month.

Illinois’ House Bill 5335 states:

“[I]n addition to any other method of payment provided for by law, the Department shall accept payment for any tax imposed by the State and administered by the Department by cryptocurrency.”

The language in the Illinois measure – proposed by Representative Michael J. Zalewski and initially submitted on Feb. 15 – largely mirrors the other two proposals, calling for tax officials to accept cryptocurrency and convert the payments to U.S. dollars within a day.

Public records indicate that on March 5, the bill was passed to the Illinois House Revenue and Finance Committee for deliberation.

As with the bill in Georgia, it remains to be seen whether the legislation will attract the kind of interest the idea has garnered in Arizona. CoinDesk previously reported that members of Arizona’s Senate passed its bill in a 16-13 vote on Feb. 8. That measure is now being considered by the state House of Representatives.


“The biggest transfer of wealth goes from the impatient to the patient.”


Miscellaneous

Follow Tiny Crypto Blog on blockchain blogging platform Steemit 

Follow Tiny Crypto Blog on Twitter @tinycryptoblog

Follow Tiny Crypto Blog on YouTube

And yes, I’m on Facebook


Looking to start purchasing cryptos? Open an account at Coinbase, and you’ll receive $10 in free bitcoin. Link HERE

Are you new to cryptos and want an easy way to mine them?  I recommend Minergate as a good way to start out.  More Info Here

Need a good, basic crypto wallet? Download the Exodus wallet


Earn free cryptos using crypto faucets **Yes, I like crypto faucets! =) **

Moon bitcoin faucet: earn and mine free Bitcoin. More Info Here
Moon litecoin faucet: earn and mine free Litecoin. More Info Here
Moon dogecoin faucet: earn and mine free Dogecoin.  More Info Here

Moon dash faucet: earn and mine free Dash. More Info Here
Bonus Bitcoin: earn between 50-150 bitcoin satoshis every 15 minutes. More Info Here


Thanks for reading and don’t forget to follow!

78a45432-4741-4711-9053-5f9f4f5a1277

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s