The Colorado Department of Revenue offers tax payment through the PayPal Cryptocurrency Hub for personal taxes; businesses are not eligible yet.
The American state of Colorado now accepts cryptocurrency for tax payments, Gov. Jared Polis announced Sept. 19. The option is already available on the state Department of Revenue website.
Colorado tax payments are accepted through the PayPal Cryptocurrency Hub with services fees of $1.00 plus 1.83% of the payment amount. Payments are accepted only from personal accounts in a single cryptocurrency. Businesses cannot pay their taxes via crypto yet. Payments will be effective on the day they are initiated, although it will take 3-5 days for the transfer to take place. Payments are immediately converted into fiat.
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The Colorado governor said earlier this year that he expected the state to begin accepting payment in crypto. Speaking at the opening of Denver Startup Week, Polis said of the new payment option:
We’re just showing again, from a customer service perspective, how Colorado is tech-forward in meeting the ever-changing needs of businesses and residents.
Other states have tried to institute tax payment in crypto. Ohio was the first to do so in 2018, but it suspended the service a year later due to legal complications. New Hampshire tried repeatedly to adopt crypto tax payments, but the bills did not make it out of the state legislature, and states such as Georgia, Illinois and Arizona have considered it.
U.S. cities have shown interest in accepting crypto payments as well. Denver, the capital city, was shown to be one of the leading U.S. cities for crypto hires in 2021.
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