Senate Engrossed virtual currency; property tax exemption State of Arizona Senate Fifty-sixth Legislature Second Regular Session 2024 SENATE BILL 1197 An Act amending title 42, chapter 11, article 3, Arizona Revised Statutes, by adding section 42-11134; relating to property tax exemptions. (TEXT OF BILL BEGINS ON NEXT PAGE)
Senate Engrossed virtual currency; property tax exemption
State of Arizona Senate Fifty-sixth Legislature Second Regular Session 2024
SENATE BILL 1197
Senate Engrossed
virtual currency; property tax exemption
State of Arizona
Senate
Fifty-sixth Legislature
Second Regular Session
2024
SENATE BILL 1197
An Act
amending title 42, chapter 11, article 3, Arizona Revised Statutes, by adding section 42-11134; relating to property tax exemptions.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona: Section 1. Title 42, chapter 11, article 3, Arizona Revised Statutes, is amended by adding section 42-11134, to read: START_STATUTE42-11134. Exemption for virtual currency; definition A. Virtual currency is exempt from taxation. B. For the purposes of this section, "virtual currency" means a digital representation of value that functions as a medium of exchange, a unit of account and a store of value other than a representation of the United States dollar or a foreign currency. END_STATUTE Sec. 2. Conditional enactment This act does not become effective unless the Constitution of Arizona is amended by a vote of the people at the next general election by passage of Senate Concurrent Resolution 1010, fifty-sixth legislature, second regular session, relating to property tax exemptions.
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 42, chapter 11, article 3, Arizona Revised Statutes, is amended by adding section 42-11134, to read:
START_STATUTE42-11134. Exemption for virtual currency; definition
A. Virtual currency is exempt from taxation.
B. For the purposes of this section, "virtual currency" means a digital representation of value that functions as a medium of exchange, a unit of account and a store of value other than a representation of the United States dollar or a foreign currency. END_STATUTE
Sec. 2. Conditional enactment
This act does not become effective unless the Constitution of Arizona is amended by a vote of the people at the next general election by passage of Senate Concurrent Resolution 1010, fifty-sixth legislature, second regular session, relating to property tax exemptions.