Lawmakers in the Arizona State Senate are considering a bill aimed at having voters decide whether virtual currency should be exempt from property taxation.
In legislation introduced in the first session of the Arizona State Senate in 2023, Senators Wendy Rogers, Sonny Borrelli, and Justine Wadsack proposed having Arizona residents decide on amending the state’s constitution in regard to property taxes. Should the measure pass the legislature, voters could choose in November 2024 to make virtual currency — specifically tokens that are not “a representation of the United States dollar or a foreign currency” — tax-exempt.
Under Arizona’s constitution, all federal, state, county and municipal property are tax exempt, as are public debts, many household goods, and certain “stocks of raw or finished materials, unassembled parts, works in process or finished products”. Data from the Arizona Secretary of State indicates that there were more than 4 million registered voters in the November 2022