Overstock says it will pay state taxes in Bitcoin

posted 3 months ago
Starting this year in Ohio—Bitcoin is being used to pay state taxes. The online retailer Overstock plans to pay part of its Ohio state business tax using Bitcoin. The move comes after the state, last fall, unveiled a first-of-its-kind payment portal called OhioCrypto, which lets companies remit taxes using cryptocurrency.

In an interview with Fortune, Ohio Treasurer Josh Mandel said the Bitcoin tax collection program is aimed at providing convenience to businesses, and branding the state as a leader in the adoption of blockchain technology. Mandel added that many taxpayers opt to use credit cards, which obliges them to pay a 2.5% service fee, but that Bitcoin payments will incur a fee of only 1% and none at all for early filers like Overstock.

Mandel says an Ohio auto dealer was the first business to pay in Bitcoin, but that Overstock is the first company with a national presence that has announced it will do so. He added that he hopes the US Treasury will follow Ohio’s example and allow people to pay federal taxes with cryptocurrency.
Tags: bitcoin, news