Arizona State Legislature Advances Proposal to Exempt Cryptocurrency Assets from Property Tax

Odaily Planet Daily News: The Arizona Senate Finance Committee passed SB 1044 and SCR 1003 joint resolution with a 4-3 vote. The series of proposals was introduced by Wendy Rogers, aiming to exempt virtual currencies from property tax. If the proposal is approved, SCR 1003 will allow voters in the November election to decide whether to amend the state constitution to officially establish this tax exemption policy.

SB 1044 proposes to amend state law to define virtual currency as a digital representation that serves as a medium of exchange, a accounting unit, and a store of value, and is not in US dollars or foreign currency. Although Governor Katie Hobbs vetoed several crypto-related bills in 2025, including SB 1025 to establish a Bitcoin strategic reserve and SB 1024 to allow the use of crypto assets for tax payments, the current tax exemption proposal has been forwarded to the Senate Rules Committee for further review.