The resolution SCR1001 proposes an amendment to the Arizona Constitution that would exempt virtual currency from property taxation, contingent upon voter approval. It defines virtual currency as a digital representation of value that serves as a medium of exchange, a unit of account, and a store of value, distinct from traditional currencies like the U.S. dollar. The resolution outlines that all property in Arizona is subject to taxation unless specifically exempted by law, and it includes a provision for the Secretary of State to present this amendment to voters during the next general election.

The resolution aims to modernize the tax code in response to the growing use of virtual currencies, which are recognized by the IRS as property for tax purposes. The Joint Legislative Budget Committee has estimated that this amendment will have no fiscal impact. If approved by voters, the amendment would take effect upon proclamation by the Governor, thereby formally integrating virtual currency into the state's property tax exemption framework.