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 ____ during the next general election. If passed, this act would not take effect until the constitutional amendment is approved. The current law regarding property tax exemptions remains unchanged, with the new provisions being inserted to specifically address virtual currency.

Statutes affected:
Introduced Version: 42-11134