- Ohio State Senator Niraj Antani has introduced a bill allowing state and local taxes to be paid with cryptocurrency
- The bill includes Bitcoin and other digital currencies as payment options for state taxes, fees, and local subdivisions
- The legislation also permits state universities and pension funds to invest in cryptocurrencies
Ohio State Senator Niraj Antani has introduced a new bill aiming to make the state a leader in cryptocurrency adoption by allowing citizens to pay state and local taxes with digital currencies, including Bitcoin. The bill, introduced on September 30, would allow state and local taxes to be paid using cryptocurrencies. Additionally, the bill gives state universities and pension funds the freedom to invest in cryptocurrencies, continuing efforts begun in 2018 under then State Treasurer Josh Mandel.
Cryptocurrency Tax Payments
Antani announced the bill on X, which seeks to modernize Ohio’s tax payment systems and encourage innovation in the state’s economy:
TODAY: I introduced a bill the legalize the use of cryptocurrency to pay state and local taxes and fees. Cryptocurrency is not just the future — it’s the present. I’m proud to be the most pro-cryptocurrency Member of the Ohio Senate. READ: pic.twitter.com/9lpYdkoGWT
— Niraj Antani (@NirajAntani) September 30, 2024
Under the proposed bill, Bitcoin and other digital currencies would become valid payment methods for taxes and fees throughout the state and its local political subdivisions. This comes as part of Antani’s broader vision to modernize Ohio’s financial systems and embrace the future of digital assets.
“Cryptocurrency is not just the future, but it’s the present of our 21st-century economy,” Antani stated in a press release. He emphasized that if Ohio wants to encourage innovation and free enterprise, it must normalize cryptocurrency usage. “By allowing Ohioans to pay their taxes and fees with cryptocurrency, we will be on the cutting edge,” Antani added.
Building on Past Initiatives
Antani’s bill revives momentum initially sparked by former Ohio State Treasurer Josh Mandel, who made Ohio the first state in the nation to accept cryptocurrency payments for taxes in 2018. However, in November 2019, the Ohio Attorney General ruled that the State Board of Deposits must approve cryptocurrency for taxes, which has not yet happened.
As a result, Antani believes it is time for the legislature to act. “This policy should have been acted on by the State Board of Deposits when it was deemed necessary. Since they have failed to act, the legislature will,” he said.
In addition to tax payments, Antani’s bill also gives Ohio’s state universities and state pension systems the ability to invest in cryptocurrencies if they choose. This provision is designed to increase financial flexibility for these institutions and support further adoption of digital assets in the public sector.
If passed, this legislation could position Ohio as a leader in cryptocurrency innovation, setting the stage for a new era of tax payments and financial practices across the state.
