Bill Text: AZ SB1197 | 2024 | Fifty-sixth Legislature 2nd Regular | Engrossed
Bill Title: Virtual currency; property tax exemption
Spectrum: Partisan Bill (Republican 1-0)
Status: (Engrossed) 2024-02-21 - House read second time [SB1197 Detail]
Download: Arizona-2024-SB1197-Engrossed.html
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Senate Engrossed
virtual currency; property tax exemption |
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State of Arizona Senate Fifty-sixth Legislature Second Regular Session 2024
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SENATE BILL 1197 |
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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:
42-11134. 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.
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.
