Ohio Senator Antani proposes crypto tax payment bill

Ohio may soon legally permit the use of Bitcoin and other cryptocurrencies for tax payments, pending the approval of a new bill introduced by Senator Niraj Antani.

On September 30, Senator Niraj Antani of Ohio proposed legislation aimed at allowing taxpayers in Ohio to settle their tax obligations using Bitcoin (BTC) and various other cryptocurrencies. The bill would require both state and local governments to accept crypto as a valid payment method for taxes.

“Cryptocurrency is not just the future; it’s part of our 21^st century economy today. To foster innovation and free enterprise in Ohio, we need to do everything possible to normalize the use of cryptocurrencies,”

Ohio Senator Niraj Antani

This isn’t the first occasion Ohio has contemplated accepting Bitcoin as a legal payment method for taxes.

Ohio became the inaugural U.S. state to embrace crypto for tax payments in 2018, under the leadership of then-State Treasurer Josh Mandel.

However, the state halted the Bitcoin tax payment service after just one year.

In November 2019, Ohio withdrew its mandate allowing crypto for tax payments following guidance from the state’s attorney general, stating that the acceptance of BTC and cryptocurrencies for taxes required approval from the State Board of Deposits.

Legislation on state pension funds

Antani’s objective is to have the legislation passed, thereby officially allowing individuals to pay their state taxes and associated fees in cryptocurrencies.

The proposed bill will not only require the state to accept tax payments in cryptocurrencies but will also legalize investments in crypto for pension funds and state universities.

The Antani proposal is set to be reviewed by the General Assembly of the State of Ohio.

The issue of cryptocurrency has increasingly gained traction in the U.S., capturing significant attention as the upcoming elections approach.

The U.S. Securities and Exchange Commission’s regulatory approach has faced criticism within Congress, especially targeting SEC Chair Gary Gensler during a recent hearing focused on SEC oversight.