New Hampshire Lawmakers Vote Down Crypto Tax Bill

New Hampshire Lawmakers Vote Down Crypto Tax Bill 1

New Hampshire legislators have scrapped a bill that would have allowed state agencies to accept cryptocurrencies for tax payments.

On Jan. 8, the New Hampshire House of Representatives accepted a motion from the General Court’s Executive Departments and Administration Committee stating that the tax bill was “inexpedient to legislate” and should be removed before it reaches the floor. The committee voted to kill the bill in November on a 17-1 vote, as originally reported by The Block.

The bill would have required the state treasurer to develop a means for New Hampshire citizens to pay any taxes or fees due to the state in digital currencies beginning July 1, 2020. They would also have had to find “an appropriate third-party payment processor that will process cryptocurrency transactions at no cost to the state.”

Proposed by Representatives Dennis Acton and Michael Yakubovich, both Republicans, on Jan. 3, 2019, the language of House Bill 470 was brief, comprising just two clauses. The bill did not specify if taxes were to be paid fully in cryptocurrencies and if only some digital currencies, such as bitcoin or ethereum, would be accepted.

The bill had a promising start, passing unanimously through a subcommittee of the House Executive Departments and Administration Committee in February 2019. It passed with an amendment to ensure the state could still collect taxes in the event a transaction failed or was sent to the wrong address.

However, cryptocurrencies have the added danger of being volatile assets, a fiscal note appended to the document states, meaning the value of revenue collected could fluctuate. “The volatility of accepting cryptocurrencies could affect revenues due to tax assessments being generated in U.S. currency,” it reads.

This is the second time New Hampshire lawmakers have stopped a crypto tax bill. One proposed in 2015 that directed the state to partner with a bitcoin startup to allow citizens to pay their taxes in cryptocurrency was also killed off in the committee phase. A similar effort in Arizona in 2018 was stripped down to such a degree that the final version did not mention the technology at all; the bill was eventually scrapped due to insufficient votes.

Taxes in New Hampshire can only be paid in U.S. dollars, while payments made in foreign currencies are usually returned. The only state that accepted cryptocurrency for tax was Ohio, which passed that into law in late 2018. However, the state suspended this service late last year after a new treasurer, Robert Sprague, took office.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Millions in Cryptocurrency Stolen by Scammers in the Last Month According to Tenable Research
November 24, 2021
Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021

Blockchain/Cryptocurrency Questions and Answers

GamStop
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021
ICo Presale
The Science Behind ICO Presales…
October 14, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin37,021 1.78 % 0.20 % 12.68 %
Ethereum2,504.8 3.73 % 2.16 % 20.90 %
Tether0.9969 0.35 % 0.64 % 0.31 %
Binance Coin370.87 1.66 % 2.13 % 21.39 %
USD Coin1.000 0.15 % 0.19 % 0.09 %
Cardano1.090 3.55 % 3.41 % 26.03 %
XRP0.6291 3.58 % 3.41 % 16.41 %
Solana91.65 2.62 % 0.96 % 35.29 %
Terra59.51 2.46 % 4.91 % 26.10 %
Polkadot18.38 3.32 % 1.94 % 26.81 %

bitcoin
Bitcoin (BTC) $ 37,051.00
ethereum
Ethereum (ETH) $ 2,514.57
tether
Tether (USDT) $ 0.998414
binance-coin
Binance Coin (BNB) $ 377.32
usd-coin
USD Coin (USDC) $ 1.00
cardano
Cardano (ADA) $ 1.09
xrp
XRP (XRP) $ 0.624687
solana
Solana (SOL) $ 94.20
terra-luna
Terra (LUNA) $ 61.14
polkadot
Polkadot (DOT) $ 18.40