This bill proposes to amend current statutes by adding a new section to title 42, chapter 11, article 3 of the Arizona Revised Statutes, specifically 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 enactment of this legislation is contingent upon the successful amendment of the Arizona Constitution through a public vote on Senate Concurrent Resolution 1003 during the next general election. If passed, this bill would create a legal framework for the taxation status of virtual currency, reflecting its growing significance in the economy.

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