Bill > SCR1001

This joint resolution proposes an amendment to the Arizona Constitution to add virtual currency as a property tax exemption. Specifically, the resolution defines "virtual currency" as a digital representation of value that functions as a medium of exchange, a unit of account, and a store of value, excluding representations of U.S. dollars or foreign currencies. The proposed amendment would add virtual currency to the list of tax-exempt property in Article IX, Section 2, alongside existing exemptions like federal, state, and municipal property, public bonds, household goods, and certain inventory. The exemption would be self-executing, meaning property owners would not need to take any additional action to receive the tax benefit. If approved by voters in the next general election, this amendment would provide a constitutional tax exemption for virtual currency in Arizona, potentially making the state more attractive to cryptocurrency businesses and investors by reducing their property tax burden.

Budget and Finance

https://apps.azleg.gov/BillStatus/BillOverview/81629