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

Importantly, the implementation of this exemption is contingent upon the successful amendment of the Arizona Constitution through a voter-approved Senate Concurrent Resolution at the next general election. This means that the provisions of the bill will not take effect unless the public votes in favor of the related constitutional change.

Statutes affected:
Introduced Version: 42-11134