New Hampshire Rejects Proposal to Accept Tax in Bitcoin
New Hampshire legislators have rejected a bill that asked for the state’s treasurer to “develop an implementation plan for the state to accept bitcoin as payment for taxes and fees beginning July 1, 2017”. The New Hampshire House Bill 552 (HB 552) was introduced in 2015 by Eric Schleien, a Republican member of the New Hampshire House of Representatives. The action plan of the Bill was as follows: “The state treasurer, in consultation with the commissioner of the department of revenue administration and the commissioner of the department of administrative services, shall develop an....
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New Hampshire has a well-earned reputation for being one of the most libertarian, progressive, and affluent municipalities in the United States. And we have covered its natural love of the revolutionary digital currency Bitcoin here at CCN. Now, the one of the smallest states in the Union is looking to take a leading step in United States history with the proposal to allow New Hampshire residents to pay taxes and other state-sanctioned fees in Bitcoin. New Hampshire looking to work with Bitcoin. New Hampshire House Bill "NH HB552", introduced February 12th by eight New Hampshire state....
The state of New Hampshire isn’t accepting tax payments in the form of Bitcoin, yet. In what would have otherwise been a landmark legislative development in the application of Bitcoin, the New Hampshire House of Representatives has collectively decided that they are not quite ready to accept tax payments in the form of Bitcoin. Last year a bill named HR522 was introduced to the New Hampshire State Legislature by Representative Eric Schleien (R). The billed was pegged with the following description: “This bill requires the state treasurer, in consultation with the commissioner of the....
A legislative effort that would have allowed New Hampshire residents to pay their tax bills using bitcoin has been defeated. The New Hampshire House of Representatives voted 264 to 74 to kill the bill on 20th January – a move that came just over a year after the measure was first introduced. The bill was introduced by state Representative Eric Schleien last January and proposed letting citizens in New Hampshire pay taxes and fees using the digital currency. If passed, the New Hampshire State Treasurer would have been mandated to select a bitcoin payments firm to process the transactions....
What is rather intriguing about this proposal is the proposed definition of virtual currency. Regulating companies active in the bitcoin world have proven to be quite challenging. In most cases, bitcoin startups dealing with customer deposits are labeled as money transmitters. New Hampshire legislators are now seeking an exemption for bitcoin startups through the HB 436 proposal. It remains unclear if their proposal will be approved, as it will set an intriguing precedent for other US states. Under the HB 436 proposal, New Hampshire regulators want to add a formal definition for bitcoin to....
The New Hampshire state legislature held a pair of hearings earlier this month that focused on how the state could create a means for residents to pay taxes and fees using bitcoin. Up for debate is a bill recently filed by state representative Eric Schleien that would open the door for the state to accept bitcoin. The bill is currently being weighed by the New Hampshire General Court Ways and Means Committee. If passed, the bill would allow New Hampshire to partner with a bitcoin company to accept bitcoin payments and receive US dollars. Similar efforts are underway in states like Utah to....