RATE Group | New Hampshire’s proposal to accept Bitcoin for tax payments fails
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New Hampshire’s proposal to accept Bitcoin for tax payments fails

18 Jan New Hampshire’s proposal to accept Bitcoin for tax payments fails

Posted at 07:23h in Cryptocurrency News by

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New Hampshire’s innovative state legislation that would have allowed state agencies to accept cryptocurrencies as payment for taxes has been retracted.

The state House of Representatives announced the retraction on January 8 following a motion from the General Court’s Executives Departments Committee, which deemed the initiative as “inexpedient to legislate”.

The main stumbling block for state agencies in New Hampshire was the volatility of Bitcoin and other cryptocurrencies, which could have turned into a significant expense for the state.

“These changes would increase Department of Revenue Administration (DRA) expenditures by an indeterminable amount in FY 2020, in anticipation of an implementation date of July 1 2020,” the report states.

“The DRA cannot estimate if any additional revenue would be generated due to the acceptance of cryptocurrencies. The volatility of accepting cryptocurrencies could affect revenues due to tax assessments being generated in US…

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