Crypto tax bill dismissed by New Hampshire at the committee level
- The bill would have allowed for payment of taxes and fees in the form of crypto in New Hampshire if approved.
- The bill was deemed “inexpedient to legislate.”
According to an earlier report by CoinDesk, two New Hampshire lawmakers initiated an effort that would have allowed the payment of taxes and fees in the form of cryptocurrency, back in January 2019. Had it been approved, the bill would have instructed the New Hampshire state treasurer to "develop an implementation plan for the state to accept cryptocurrencies as payment for taxes and fees and allows state agencies to accept payment in cryptocurrencies after July 1, 2020."
However, as per LegiScan data, the General Court's Executive Departments and Administration Committee voted 17-1 on November 13 to disregard the bill. This has been confirmed by the broader body of legislators by voice vote last week.
The effort by the lawyers mirrored legislation filed in 2015, which would have enabled the usage of Bitcoin for these purposes. If passed, both bills would have required the state treasurer to identify a third-party through which cryptocurrencies could be paid. Legislators of New Hampshire expressed their concern over the 2015 bill, with opponents questioning the risks of adopting a payment system like this. Eric Schleien, the former state representative, had argued:
It’s going to happen, all 50 states are going to do this. Why don’t we be the first?
Just like the first bill, the effort initiated by Acton and Yakubovich was deemed "inexpedient to legislate," implying that the bill has been dismissed at the committee level.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
