Ohio Becomes First State to Accept Bitcoin Tax Payments
COLUMBUS, Ohio – With the launch a new website, OhioCrypto.com, Ohio has become the first state in the country to accept the payment of taxes with cryptocurrency, the state treasurer’s office has announced.
Among the 23 taxes eligible to paid with the digital currency are sales, withholding, commercial activity, kilowatt hour, pass-thru entity and premium insurance. A full list can be found here.
“We’re doing this to provide Ohioans more options and ease in paying their taxes and also to project Ohio’s leadership in embracing blockchain technology,” said Ohio treasurer Josh Mandel in a release.
Currently, the state is only accepting Bitcoin payments, though Mandel noted the office plans to add more. A minimal fee will be charged to confirm transactions. Payments to the state will be immediately converted to dollars before being deposited into a state account.
“The state of Ohio is the first major government entity offering its citizens the options to pay with cryptocurrency,” said BitPay CEO Stephen Pair. “With BitBay, Ohio can leverage blockchain technology and benefit from reduced risk and identity fraud, as well as enabling quick and easy payments from any device anywhere in the world.”
The announcement, Mandel said, is made in collaboration with the Blockland Cleveland Conference, held Dec. 1 through 4. The initiative looks to establish northeastern Ohio as a technology center and leader in blockchain solutions.
Copyright 2018 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our print edition and sign up to our free daily headlines.