Bill Text: AZ SB1091 | 2018 | Fifty-third Legislature 2nd Regular | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Income tax payments; bitcoin

Spectrum: Partisan Bill (Republican 4-0)

Status: (Engrossed) 2018-03-07 - House WM Committee action: Do Pass Amended, voting: (6-0-1-2-0-0) [SB1091 Detail]

Download: Arizona-2018-SB1091-Introduced.html

 

 

 

REFERENCE TITLE: income tax payments; bitcoin

 

 

 

State of Arizona

Senate

Fifty-third Legislature

Second Regular Session

2018

 

SB 1091

 

Introduced by

Senators Petersen: Farnsworth D; Representatives Grantham, Weninger

 

 

AN ACT

 

Amending section 43-505, Arizona Revised Statutes; relating to income tax payments.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 


Be it enacted by the Legislature of the State of Arizona:

Section 1.  Section 43-505, Arizona Revised Statutes, is amended to read:

START_STATUTE43-505.  Tax payments made to department; order of crediting

A.  The tax and any interest and penalties shall be paid to the department.  Remittances may be in the form of either:

1.  A check payable to the department during such a time and under such regulations as the director may prescribe.  If a check is not paid by the bank on which it is drawn, the taxpayer tendering the check shall remain is liable for the payment of the tax and all interest and penalties as if he had the check were not tendered the check.

2.  A payment gateway, such as bitcoin or other cryptocurrency, using electronic peer-to-peer systems.  The department shall convert cryptocurrency payments to United States dollars at the prevailing rate within twenty-four hours after receipt and shall credit the taxpayer's account with the converted dollar amount.

B.  The department shall credit payments against a taxpayer's unpaid tax liability before crediting payments against any interest or penalties. END_STATUTE

feedback