Pro-crypto Ohio senator Niraj Antani introduced a new bill that will allow citizens of the state to pay local and state taxes and fees using cryptocurrencies such as Bitcoin (BTC).
“Cryptocurrency is not just the future, but it’s the present of our 21st-century economy,” Antani said in a Sept. 30 post on X. He said the recent bill is part of his effort to “encourage innovation and free enterprise in Ohio.”
New Ohio Crypto Tax Bill In Review
The timeline for the new bill to potentially come into effect is not yet clear. It is currently awaiting committee assignment and review. Before the bill makes its way to the governor’s desk, it will also require a full vote of Ohio’s bicameral legislature.
Should the bill not be passed by the end of December, which is the end of the Ohio legislature’s two-year session, it will likely die.
This is not the first time Ohio has explored accepting digital assets for taxes. Back in November 2018, the state left the decision to approve crypto tax payments to the Ohio State Board of Deposits. However, it decided not to adopt digital assets as a tax payment option then.
Critics are concerned about privacy and argue that accepting tax payments in digital assets would allow the government to link personal identities to on-chain wallets.
Other States Have Opened Up To Crypto Tax Payments
Ohio is not the first state to mull accepting crypto tax payments. Colorado began accepting crypto for tax payments in 2022.
However, refunds are not paid in digital assets. Florida governor Rick DeSantis said in the same year that he wanted businesses in his state to be able to pay their taxes in crypto as well. However, no official proposal has been implemented yet.
There are also several jurisdictions that have let residents pay their taxes using digital assets. One such jurisdiction is Orlando, Florida, which opened up the option to its residents in 2018.
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