Senate Engrossed

virtual currency; property tax exemption

State of Arizona

Senate

Fifty-sixth Legislature

Second Regular Session

2024

SENATE BILL 1197

An Act

amending title 42, chapter 11, article 3, Arizona Revised Statutes, by adding section 42-11134; relating to property tax exemptions.

(TEXT OF BILL BEGINS ON NEXT PAGE)

Be it enacted by the Legislature of the State of Arizona:

Section 1. Title 42, chapter 11, article 3, Arizona Revised Statutes, is amended by adding section 42-11134, to read:

START_STATUTE42-11134. Exemption for virtual currency; definition

A. Virtual currency is exempt from taxation.

B. For the purposes of this section, "virtual currency" means a digital representation of value that functions as a medium of exchange, a unit of account and a store of value other than a representation of the United States dollar or a foreign currency. END_STATUTE

Sec. 2. Conditional enactment

This act does not become effective unless the Constitution of Arizona is amended by a vote of the people at the next general election by passage of Senate Concurrent Resolution 1010, fifty-sixth legislature, second regular session, relating to property tax exemptions.