On Monday, Ohio State Senator Niraj Antani introduced legislation aimed at making Ohio one of the few states to accept cryptocurrency payments for state and local taxes.
The proposed law mandates that all political subdivisions in Ohio accept Bitcoin and other cryptocurrencies for payments, with the specific digital assets to be determined later.
“Cryptocurrency is not just the future; it’s already a part of our 21st-century economy,” Antani stated, emphasizing that the bill seeks to normalize the use of crypto in Ohio’s financial landscape.
Ohio had previously ventured into crypto tax payments in 2018, becoming the first state to allow businesses to pay taxes using Bitcoin. This initiative, led by then-State Treasurer Josh Mandel, was short-lived after the Ohio Attorney General ruled that the State Board of Deposits needed to approve the program. The Board’s inaction ultimately led to the program’s termination. Antani’s bill aims to address this issue by explicitly requiring the acceptance of crypto payments for taxes and fees.
“Former State Treasurer Josh Mandel was a leader on cryptocurrency in 2018, and Ohioans have him to thank for being an early adopter of this innovation,” Antani remarked, highlighting the missed opportunity to leverage the growing crypto trend.
Additionally, the bill proposes allowing state universities and pension funds to invest in cryptocurrency, signifying a significant expansion of the state’s involvement in the crypto sector. Other states in the U.S. have pursued similar initiatives; Colorado became the first state to officially accept Bitcoin for tax payments in 2022, enabling citizens to pay various taxes through PayPal, although refunds are issued in U.S. dollars.
Florida has also expressed interest, with Governor Ron DeSantis advocating for businesses to pay state taxes in cryptocurrency in 2022. Meanwhile, Utah passed H.B. 456, mandating that its government accept cryptocurrency for tax payments starting in 2023.
“By allowing Ohioans to pay their taxes and fees with cryptocurrency, we will be on the cutting edge,” Antani concluded, underscoring the importance of progress in crypto adoption.
