If enacted, this bill would amend the Arizona Revised Statutes 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.

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 public support for the proposed constitutional change.

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