Colorado accepts Crypto Tax Payments - KitCo

Colorado to be the First US State Accepting Taxes in BTC and ETH [Report]

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Colorado to be the First US State Accepting Taxes in BTC and ETH [Report]:

According to reports, the authorities of Colorado has announced the use of cryptocurrencies as a form of tax payments by residents.

Colorado accepts Crypto Tax Payments - KitCo
Colorado accepts Crypto Tax Payments – KitCo

Among the supported cryptocurrencies are the two biggest in terms of market capitalization – Bitcoin (BTC) and Ether (ETH).

Although, Colorado’s Revenue Department is not allowed to accept direct crypto payments, which is why it partnered with PayPal, to assist in transactions.

The State’s officials revealed that Colorado residents are now able to use cryptocurrencies as a means of payment for business income tax, individual income tax, sales and use tax, severance tax, withholding tax, and excise fuel tax.

Bitcoin and Ether are not the only supported digital assets, as individuals can also utilize Bitcoin Cash and Litecoin.

“Cryptocurrency has been modified as an additional payment option for taxpayers who are ready to complete their online transactions to pay for their state taxes on Revenue Online,” spokesperson Daniel Carr stated.

The new development made Colorado the first American state where individuals could utilize digital assets for tax payments.

Meanwhile, Utah will soon join the moving train as the steps are in motion, and it is expected to become live at the beginning of 2023.

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