Colorado wants to be First State to Accept Crypto for Taxes
Colorado wants to become the first state to let residents pay their taxes with cryptocurrency. Colorado Gov. Jared Polis said he’s hopeful state residents can pay their taxes with crypto, and he wants it to happen soon. Governor Jared Polis is a long-time supporter of crypto and as a congressman, he was the first US politician to accept campaign donations in Bitcoin.
“I’d be thrilled to be the first state to let you pay your taxes in a variety of cryptos,” Mr. Polis told Coindesk’s Consensus 2021 virtual conference.
“Colorado is and will be the center for blockchain innovation in the United States, attracting investments and good jobs and innovators in infrastructure, digital identity, (and) individual data security in the private and public sector.”
the first politician to legally accept campaign donations in bitcoinbitcoinsatirically suggested a ban on U.S. dollars
In 2018, companies in Ohio were able to pay taxes through OhioCrypto.com, with processor BitPay converting the bitcoin payments to dollars for the treasurer’s office. Arizona and Illinois considered accepting crypto for tax payments but advocates failed to push through legislation. The Ohio program ended in 2019 under new treasurer Robert Sprague, who said that only 10 companies had used OhioCrypto.com to pay taxes. A short-lived program in Seminole County, Fla., ended sometime after the county treasurer was arrested.
Colorado would not be the first state to try and integrate cryptocurrencies: in 2018 the state of Ohio started to allow businesses – but not individuals – to pay their taxes in digital currency, but only 10 companies used it and it was shut down a year later.