IRS - Congressman Matt Gaetz Introduces Bill To Allow Federal Tax Payments In Bitcoin | Benzinga
Congressman Matt Gaetz (R-Fla.) has introduced a bill that would allow federal income tax payments to be made in Bitcoin (CRYPTO: BTC).
What Happened: This proposed legislation aims to amend the Internal Revenue Code of 1986, providing a novel method for taxpayers to settle their federal tax liabilities using the leading cryptocurrency.
Benzinga has reached out to Rep. Gaetz for a comment.
The bill outlines a framework for the U.S. Treasury to develop and implement a system enabling Bitcoin payments for individual federal taxes.
Key provisions include the immediate conversion of received Bitcoin to its dollar equivalent at the transaction’s conclusion, ensuring stability and practicality in its adoption.
Additionally, the bill mandates that the Secretary of the Treasury issue regulations to manage the nuances of Bitcoin tax payments, such as determining the receipt timing and handling related non-tax matters independently from the Treasury.
Gaetz’s initiative reflects a significant step ...