New Hampshire to Include the Bitcoin for state tax purposes, or “I don’t want it to be easy for the collection of fees”
26 February 2015, 15:11
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New Hampshire representative Eric Schelen recently proposed the inclusion of Bitcoin for state tax purposes.
The statement quickly influenced the New Hampshire state legislature to hold a couple of meetings to discuss the new bill, which was attended by a number of Bitcoin veterans and politicians, including Ziftr CEO Bob Wilkins and former gubernatorial candidate Andrew Hemingway.
“It’s going to happen, all 50 states are going to do this. Why don’t we be the first?”
For obvious reasons, many members of the committee were concerned about the Bitcoin’s volatility. Some even were worried in case there is not even a Bitcoin market to exchange cash from. At first, Schelen neatly gave an example of a businessman paying $1,000 as state tax through Bitcoin. “Whatever the conversion rate will be,” he said, “the state get a $1,000 in US dollars.”
During his testimony, Zift CEO Wilkins also agreed to the troubles related to Bitcoin’s volatility but also suggested that the exchange process would take place between a taxpayer and third party company. The government therefore has nothing much to do but to receive the due tax without delay.
In simple words, the bill, if passed, would rely on payment processors like BitPay to forward the transactions in fiat money.
New Hampshire Liberty Party co-founder Darryl Perry argued about the conflicts with Federal Laws once the Bitcoin tax bill is passed. “I don’t want it to be easy for the collection of fees,” he commented.
The statement quickly influenced the New Hampshire state legislature to hold a couple of meetings to discuss the new bill, which was attended by a number of Bitcoin veterans and politicians, including Ziftr CEO Bob Wilkins and former gubernatorial candidate Andrew Hemingway.
“It’s going to happen, all 50 states are going to do this. Why don’t we be the first?”
For obvious reasons, many members of the committee were concerned about the Bitcoin’s volatility. Some even were worried in case there is not even a Bitcoin market to exchange cash from. At first, Schelen neatly gave an example of a businessman paying $1,000 as state tax through Bitcoin. “Whatever the conversion rate will be,” he said, “the state get a $1,000 in US dollars.”
During his testimony, Zift CEO Wilkins also agreed to the troubles related to Bitcoin’s volatility but also suggested that the exchange process would take place between a taxpayer and third party company. The government therefore has nothing much to do but to receive the due tax without delay.
In simple words, the bill, if passed, would rely on payment processors like BitPay to forward the transactions in fiat money.
New Hampshire Liberty Party co-founder Darryl Perry argued about the conflicts with Federal Laws once the Bitcoin tax bill is passed. “I don’t want it to be easy for the collection of fees,” he commented.
