SB1240 proposes an amendment to the Arizona Revised Statutes by adding a new section that would exempt virtual currency from property taxation. The bill defines "virtual currency" as a digital representation of value that can function as a medium of exchange, a unit of account, and a store of value, excluding representations of the U.S. dollar or foreign currencies. The enactment of this legislation is contingent upon the approval of S.C.R. 1007 by voters at the next general election.

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