Arizona Lawmakers Advance Bill to Exempt Crypto From Property Taxes
Arizona lawmakers are advancing legislation to exempt virtual currency from property taxes. The Senate Finance Committee approved Senate Bill 1044 and Senate Concurrent Resolution 1003, which would move a constitutional amendment to the November ballot defining digital currency and prohibiting ad valorem taxation of such assets. If approved by voters, virtual currency would be exempt from property tax under Arizona law. Senator Wendy Rogers, who has pushed multiple crypto-friendly bills, sponsored these measures. However, Governor Katie Hobbs has vetoed several crypto-related bills, including proposals for a state-managed digital asset reserve fund and allowing government crypto payments, citing volatility and financial risk concerns. Hobbs has only signed two crypto measures: one allowing unclaimed crypto to be held in its original form, and another regulating crypto ATMs. The proposed tax exemption now awaits further legislative review and, if approved, could offer significant tax relief for Arizona crypto holders pending voter approval.
