If enacted, this bill would amend current statutes by adding a new section to Title 42, Chapter 11, Article 3 of the Arizona Revised Statutes, specifically Section 42-11134. The new law would exempt virtual currency from property taxation, defining 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 representations of the U.S. dollar or foreign currencies.

Additionally, the bill stipulates that its provisions will only take effect if the Arizona Constitution is amended through voter approval of Senate Concurrent Resolution 1001 during the next general election. This conditional enactment ensures that the exemption for virtual currency is contingent upon the successful passage of the related resolution.

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