Arizona Legislature Advances Proposal to Exempt Crypto Assets from Property Tax

Odaily News: The Arizona Senate Finance Committee passed Senate Bill 1044 and Senate Concurrent Resolution 1003 with a 4-3 vote. This series of proposals, introduced by Wendy Rogers, aims to exempt virtual currency from property tax. If passed, SCR 1003 would allow voters to decide in the November election whether to formally establish this tax exemption by amending the state constitution.

SB 1044 seeks to amend state law to define virtual currency, describing it as a digital representation of value that functions as a medium of exchange, unit of account, and store of value, and is not denominated in U.S. 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 tax payments using crypto assets, the current tax exemption proposal has now been referred to the Senate Rules Committee for further consideration.