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Illinois Legislature Considers Bitcoin As Tax Payment Option

House Bill 5335 Would Make Cryptocurrency A Legal Tax Tender

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Spencer Kellogg | United States

Though the price of Bitcoin has stagnated around 10K during the past two months, there has been skyrocketing growth of the currency in terms of adoption. Wyoming has passed two pro-blockchain bills in their legislature this year and similar tax payment options are being considered by forward looking members of the Arizona and Georgia state houses. Add Illinois to the list of prospective states interested in bringing the currency on board as a tax payment method.

Representative Michael J. Zalewski has filed Illinois House Bill 5335 that aims to make cryptocurrency tender a legal way to pay state taxes. From the bill:

House Bill 5335 provides that, in addition to any other method of payment provided for by law, the Department shall accept payment for any tax imposed by the State and administered by the Department by cryptocurrency. Provides that the Department shall convert such payments to United States dollars at the prevailing rate within 24 hours after receipt of the payment and shall credit the taxpayer’s account with the converted dollar amount.

Legislative actions like this and others seen around the country validate the currency’s value and suggest new use cases that will help mainstream the currency as a legal payment system. Wyoming has been at the front of the blockchain cause and many are expecting a list of pro cryptocurrency bills to be passed that will make the state a cryptocurrency tax haven. With House Bill 5335, Illinois joins a group of progressive state legislatures that are friendly to cryptocurrency speculators and holders.

Image of Illinois House From WikiMedia Commons. 

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