SB1197 proposes an amendment to the Arizona Revised Statutes by adding a new section that would exempt virtual currency from property taxation. The bill defines "virtual currency" as a digital representation of value that can act as a medium of exchange, a unit of account, and a store of value, excluding representations of the U.S. dollar or foreign currencies.

The effectiveness of this bill is contingent upon the approval of a constitutional amendment by Arizona voters through the passage of Senate Concurrent Resolution 1010 in the next general election. This resolution relates to property tax exemptions and must be enacted for SB1197 to take effect.

Statutes affected:
Introduced Version: 42-11134
Senate Engrossed Version: 42-11134