Key Takeaways
- Ohio's new bill would allow taxes to be paid in Bitcoin.
- The bill builds on a previous attempt to accept Bitcoin for taxes in 2018.
- The proposal also allows state universities and pensions to invest in digital currencies.
Ohio Bill Proposes Bitcoin for State and Local Tax Payments
Ohio State Senator Niraj Antani has introduced a bill that would allow Ohioans to pay state and local taxes using Bitcoin. The legislation, announced on September 30, 2024, would require the state, as well as local governments, to accept Bitcoin and other digital currencies for tax payments.
Sen. Antani stated:
Cryptocurrency is not just the future, but it’s the present of our 21st-century economy. By allowing Ohioans to pay their taxes and fees with cryptocurrency, we will be on the cutting edge.
This initiative follows a 2018 attempt by former State Treasurer Josh Mandel, who made Ohio the first state to accept Bitcoin for taxes. However, the effort was halted in 2019 after the Ohio Attorney General ruled that the State Board of Deposits needed to approve the process. Despite Mandel’s leadership, the Board has not acted on the matter, prompting Sen. Antani to reintroduce the concept.
In addition, the bill permits state universities and pension funds to invest in cryptocurrencies if they choose. The move aims to foster innovation and provide more flexibility for residents and institutions.
