If this bill were to become law, it would amend existing statutes to explicitly prohibit cities and counties from imposing taxes or fees on individuals or entities running a node on blockchain technology in their residences, with the exception of taxes levied on electricity. This change would clarify that the regulation of such taxation is a matter of statewide concern, thereby preempting local regulations that could restrict or tax the operation of blockchain nodes.

Additionally, the bill would make technical adjustments to the definitions and language used in the statutes. It would redefine "running a node on blockchain technology" to align with existing definitions and ensure consistency across the law. The bill aims to provide a clear legal framework that supports the operation of blockchain technology without local interference, thereby fostering innovation in this area.

Statutes affected:
Introduced Version: 9-500.42, 11-269.22, 42-6012, 44-7061
Senate Engrossed Version: 9-500.42, 11-269.22, 42-6012, 44-7061