Ohio State Senator Niraj Antani has introduced a bill to legalize cryptocurrency payments for state and local taxes. Emphasizing the importance of cryptocurrency in the present economy, the bill requires Ohio to accept digital currencies like bitcoin and allows state retirement systems to invest in them. Antani highlights Ohio’s historical role in cryptocurrency adoption.
Ohio Senate Bill Proposes Cryptocurrency Payments for Taxes
Ohio State Senator Niraj Antani announced on Monday via social media platform X that he introduced Ohio Senate Bill 317 during the 135th General Assembly (2023-2024). The bill seeks to legalize the use of cryptocurrency for paying state and local taxes and fees, emphasizing cryptocurrency as a current, not just future, technology. Antani expressed pride in being the most pro-cryptocurrency member of the Ohio Senate.
The bill would amend sections of the Ohio Revised Code to require Ohio and its local political subdivisions to accept cryptocurrencies like bitcoin for tax and fee payments. It mandates that Ohio’s Tax Commissioner annually approve a list of acceptable cryptocurrencies for use. Sen. Antani stated:
Cryptocurrency is not just the future, but it’s the present of our 21st-century economy.
He believes this move is crucial for supporting innovation and free enterprise in Ohio. The bill also expressly permits Ohio’s state retirement systems and public universities to invest in cryptocurrencies, if they choose, with fiduciary responsibilities for public investment boards.
Antani explained that in 2018, Ohio was the first state to accept cryptocurrency for taxes under Treasurer Josh Mandel. However, in 2019, the Ohio Attorney General required approval from the State Board of Deposits, which has not acted. The state lawmaker added:
Since they have failed to act, the legislature will.
The bill repeals existing statutes that do not address cryptocurrency use in public payments and investments. It also mandates that state investment boards comply with performance standards set by investment organizations and consider minority- and women-owned firms when managing public funds.
Source: Bitcoin
