The resolution SCR1003 proposes an amendment to the Arizona Constitution to 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, unit of account, and store of value, distinct from traditional currencies like the U.S. dollar. The amendment aims to clarify the status of virtual currency in the context of property tax exemptions, aligning it with existing exemptions for various types of property.

If approved by voters, the amendment will be enacted and will require the Secretary of State to present the proposition during the next general election. The resolution indicates that there will be no anticipated fiscal impact on the state General Fund as a result of this legislation. Overall, the amendment seeks to modernize property tax laws in Arizona to accommodate the growing use of virtual currencies.