A proposed New Hampshire Cryptocurrency Bill has cleared its first major hurdle after being unanimously passed by a subcommittee on the House Executive Departments and Administration Committee with amendments.
New Hampshire Cryptocurrency Bill Proposed Tax Law
The concerned House Bill 470 proposes a tax law allowing residents of New Hampshire (USA) to pay taxes in terms of cryptocurrency. If the proposed House Bill 470 is approved then the agencies at the state level will be able to accept cryptocurrencies as payments. This bill was unanimously passed with some amendments by a subcommittee on the House Executive Departments and Administration Committee.
Reports say the concerned sub-committee comprises four representatives – Mark Proulx, Samantha Fox, Carol McGuire, and Jaci Grote. The Reps voted on an amendment on the concerned bill, which will provide certain protection to the state.
The amendment says that if by any chance there is a failure of a transaction or the crypto payment is sent to a wrong address then also New Hampshire can collect appropriate taxes. Rep. Carol McGuire said that the concerned amendment to New Hampshire Cryptocurrency Bill is more technical in nature than substantial. He explained by saying:
“It’s just being more specific about how we do it… it doesn’t change the intent of (the bill) at all.”
On February 13, 2019, another subcommittee work session is going to be held.
The first major step ahead is the approval of the New Hampshire Cryptocurrency Bill by both the House and the Senate. Then Governor Christopher Sununu will sign the bill and direct the state treasurer to determine the way in which the cryptocurrencies will be accepted for payment of taxes. It should be done by the state treasurer by November 2019. Cryptocurrencies will be started to be accepted as tax payments only from July 2020. The conversion of crypto-to-fiat currency will have to be done by the state agencies with the help of a 3rd party processor.
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