The US state of Colorado is now accepting cryptocurrencies for tax payments, Gov. Jared Polis announced on Monday. The option is already available on the State Department of Revenue website.
Colorado tax payments are accepted through the PayPal Cryptocurrency Hub with service fees of $1.00 plus 1.83% of the payment amount. Payments are only accepted from personal accounts in a single cryptocurrency. Businesses cannot yet pay their taxes through crypto. Payments take effect the day they are initiated, although it will take three to five days for the transfer to occur. Payments are instantly converted to fiat.
Colorado’s governor said earlier this year he expects the state to start accepting payments in crypto. Opening Denver Startup Week, Polis said of the new payment option:
“We are once again demonstrating how tech-advanced Colorado is from a customer service perspective when it comes to meeting the ever-changing needs of businesses and residents.”
Polis is a longtime crypto supporter and an advocate for the tech industry in his state. As a member of the US House of Representatives, Polis has been active in cryptocurrency legislation and was a founding member of the Congressional Blockchain Caucus.
I’m super excited to announce that my campaign is releasing an exclusive collection of NFTs!
I’ve always supported new technologies and look forward to being one of the first to implement NFTs in campaigns. https://t.co/RS15wG8ox4
— Jared Polis (@PolisForCO) June 13, 2022
Other states have attempted to introduce tax payments in crypto. Ohio was the first company in 2018, but suspended the service a year later due to legal complications. New Hampshire repeatedly tried to introduce crypto tax payments, but the bills didn’t make it out of the state legislature, and states like Georgia, Illinois, and Arizona have considered it.
Related: Colorado Accepts Tax Payments in Crypto: Was It Just a Matter of Time?
US cities have also shown interest in accepting crypto payments. Denver, the capital, has emerged as one of the top US cities for crypto jobs in 2021.
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