Ohio Senator pushes bill to enable crypto tax payments

Ohio could soon legally accept Bitcoin and other cryptocurrencies as taxes if a new bill from Senator Niraj Antani becomes law.

On September 30, Ohio State Senator Niraj Antani introduced a bill that would allow taxpayers in the state of Ohio to pay their taxes with Bitcoin (BTC) and other cryptocurrencies. The proposed law would require state and local governments to accept crypto as a method of paying taxes.

“Cryptocurrency is not just the future, it is the present of our 21st century economy. “If we want to encourage innovation and free enterprise in Ohio, we must do everything we can to normalize the use of cryptocurrencies.”

Ohio Senator Niraj Antani

This isn’t the first time Ohio has considered Bitcoin as a legal tax payment option.

Ohio became the first US state to accept crypto as taxes in 2018, with then-State Treasurer Josh Mandel spearheading the initiative.

However, the government suspended the Bitcoin tax payment service a year later.

In November 2019, the state removed crypto as a mandatory form of tax payment following the attorney general’s recommendation that any decision to accept BTC and crypto as taxes needed approval from the State Board of Depositories.

Draft law on state pension funds

Antani’s plan is to have the legislature pass this bill into law, making it officially legal for anyone to pay state taxes and other fees using cryptocurrency.

In addition to obliging the state to accept taxes on cryptocurrencies, the new bill will also make it legal for pension funds and public universities to invest in crypto.

The Antani bill will be considered in the Ohio State General Assembly.

Cryptocurrency is becoming an increasingly important topic in the United States, and the topic is gaining a lot of attention during the upcoming elections.

The U.S. Securities and Exchange Commission’s approach, which emphasizes regulation through enforcement, has drawn criticism across Congress. SEC Chairman Gary Gensler came under fire during a recent Congressional hearing on SEC oversight.