Arizona State Legislature advances proposal for cryptocurrency tax exemption

The Arizona Senate Finance Committee passed the SB 1044 bill and SCR 1003 joint resolution 4-3, proposed by Wendy Rogers, aimed at exempting virtual currency property taxes. If passed, SCR 1003 will be handed over to voters in November to decide whether to amend the state constitution to establish tax exemptions. SB 1044 proposes to amend state laws to define virtual currency as a digital representation, not in US dollars or foreign currencies. The proposal has been submitted to the Senate Rules Committee for review.