Bill that will allow the Illinois Department of Revenue (IDR) to accept crypto payments has been moved to the state senate.
House Bill 5287, backed by Illinois State Representative Margaret Croke, will allow IDR to establish rules and regulations on accepting cryptocurrencies as a method of payment.
Croke, a Democrat representing the 12th District of Illinois, said:
“When the state of Illinois accepts a credit card payment for revenue collection, taxes or other payments, we have a third-party transaction provider. Similarly, if someone chooses to pay in cryptocurrency, the payment goes through a crypto processor and can enable the state to receive US dollars”
Croke has the final say on what types of payments IDR allow in cryptocurrency He stressed that it will be a taxpayer, but potentially applicable to businesses that want to pay taxes on digital assets.
Croke stated that the state is only interested in operating within existing rules, stating that it is within the power of Congress to define it as legal money.
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