Colorado Now Accepts Cryptocurrency Tax Payments, As Governor Polis Promised
The US state of Colorado now accepts cryptocurrencies for tax payments, Governor Jared Polis announced on Monday. The option is now available on the state Department of Revenue website.
Colorado tax payments are accepted through the PayPal (NASDAQ:) cryptocurrency center with service fees of $1 plus 1.83% of the payment amount. Payments are accepted only from personal accounts in a single cryptocurrency. Companies still cannot pay their taxes through cryptocurrencies. Payments will be effective the same day they are initiated, although the transfer will take three to five days to complete. Payments are immediately converted to fiat.
- Colorado Governor Says He Expects State to Accept Cryptocurrency Tax Payments by Summer
Colorado’s governor said earlier this year that he hoped the state would start accepting cryptocurrency payments. In his speech at the opening of Denver Startup Week, Polis talked about the new payment option: