Home – Bitcoin Tax Experiment Off to Slow Start in OH

Bitcoin Tax Experiment Off to Slow Start in OH

This tax season, as part of an effort to attract blockchain-based companies to the state, Ohio gave businesses that operate there the option of paying their taxes with bitcoin.

 

Home furnishings company Overstock was one company that took the state up on its offer. The Utah-based company began allowing its customers to pay in bitcoin and other cryptocurrencies in 2014 and has taken in more than $13 million in such payments since.

 

“We have Bitcoin to spend,” said Jonathan Johnson, who’s on the company’s board of directors.

 

By late last month, however, fewer than 10 companies had made use of the bitcoin option, and the program’s future is uncertain, according to the Ohio treasurer’s office.

 

Other states, including Georgia and Illinois, considered bills last year to allow cryptocurrency tax payments, but those measures didn’t pass. (CINCINNATI PUBLIC RADIO)