Illinois Has Been Quietly Considering Bitcoin for Tax Payments

Three U.S. states – Illinois, Arizona and Georgia – are now actively considering bills to allow tax payments made in cryptocurrency.

AccessTimeIconMar 6, 2018 at 4:00 p.m. UTC
Updated Aug 18, 2021 at 8:24 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Legislators in Illinois are weighing a proposal to allow residents in the state to pay their taxes in cryptocurrency.

With the move, Illinois joins a growing list of U.S. states that are considering such measures, and the bill – filed in February and previously unreported – marks the third effort of its kind to emerge in 2018. The trend got started in January with Arizona, then Georgia lawmakers threw their hat in the ring the following month.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • Illinois' House Bill 5335 states:

    "[I]n addition to any other method of payment provided for by law, the Department shall accept payment for any tax imposed by the State and administered by the Department by cryptocurrency."

    The language in the Illinois measure – proposed by Representative Michael J. Zalewski and initially submitted on Feb. 15 – largely mirrors the other two proposals, calling for tax officials to accept cryptocurrency and convert the payments to U.S. dollars within a day.

    Public records indicate that on March 5, the bill was passed to the Illinois House Revenue and Finance Committee for deliberation.

    As with the bill in Georgia, it remains to be seen whether the legislation will attract the kind of interest the idea has garnered in Arizona. CoinDesk previously reported that members of Arizona's Senate passed its bill in a 16-13 vote on Feb. 8. That measure is now being considered by the state House of Representatives.

    Illinois House image Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.