Ohio could soon legally accept Bitcoin and other cryptocurrencies for taxes if a new bill by Senator Niraj Antani is enacted into law.
On September 30, Ohio State Senator Niraj Antani introduced a bill seeking to allow taxpayers in the state of Ohio to pay their taxes in Bitcoin (BTC) and other cryptocurrencies. The proposed legislation would mandate state and local governments to accept crypto as a payment method for taxes.
“Cryptocurrency is not just the future, but it’s the present of our 21st century economy. If we want to encourage innovation and free enterprise in Ohio, we should do everything we can to normalize the use of cryptocurrencies,”
Ohio Senator Niraj Antani
This is not the first time Ohio has considered Bitcoin as a legal tax payment option.
Ohio became the first U.S. state to accept crypto for taxes in 2018, with then-State Treasurer Josh Mandel spearheading the initiative.
However, the state suspended the Bitcoin tax payment service a year later.
In Nov. 2019, the state dropped crypto as a mandated form of paying taxes after advice from the state’s attorney general that the decision to accept BTC and crypto for taxes needed approval from the State Board of Deposits.
Bill on state pension funds
Antani’s plan is to have the legislature enact this bill into law, making it officially legal for anyone to pay their state taxes and other fees using cryptocurrencies.
In addition to mandating the state to accept taxes in crypto, the new bill will make it legal for pension funds and state universities to invest in crypto.
The Antani bill will be considered by the General Assembly of the State of Ohio.
Cryptocurrency has increasingly become a key issue in the U.S., with the topic commanding significant attention amid the upcoming election.
The approach by the U.S. Securities and Exchange Commission, which has emphasized regulation by enforcement, has attracted criticism across Congress. SEC Chair Gary Gensler came under fire during a recent Congressional hearing on SEC oversight.
