Arizona legislators plan to exempt cryptocurrencies from taxation

Important points:

Arizona voters could decide whether to make cryptocurrencies tax-exempt in November 2024 if a bill passes Congress.

SCR 1007 had two readings on January 19th and 23rd as part of the state Senate agenda.

Arizona senators are considering a bill that would let voters decide whether to exempt cryptocurrencies from property taxes.

Senators Wendy Rogers, Sonny Borrelli, and Justin Wadsak weighed in on whether to change the state constitution to include a property tax provision in a bill introduced in the first session of the Arizona Senate in 2023. proposed to vote for Voters can decide to exempt virtual currency. , that is, tokens that do not reflect U.S. dollars or foreign currencies, starting with the November 2024 tax, if Congress approves the law.

All federal, state, county, and local property, as well as many household items, certain stockpiles of raw materials or finished goods, unassembled parts, works in progress, and finished goods, are subject to Exempt from Arizona tax. According to Arizona Secretary of State data, the November 2022 general election had more than 4 million registered voters in attendance and the state leaning slightly Republican.

On January 19th and 23rd, SCR 1007 received two readings as part of the state Senate agenda. Lawmakers have proposed legislation related to cryptocurrencies and taxes in past sessions. For example, a 2018 bill that would allow people to pay their taxes in cryptocurrencies was rejected by then-Governor Doug Ducey.

At the Senate’s second regular session in 2022, Rogers introduced a bill comparable to SCR 1007. Rogers, Borrelli, and Wadsak, all Republicans, have dismissed or questioned fair and lawful elections for some state and federal legislators, but the pending amendments are expected in 2018 and even 2022. A different political environment than the year.

In the 2022 midterm elections, Democrat Katie Hobbs narrowly defeated Republican Kari Lake to win the governorship of Arizona. The election involved a large number of voters, and both candidates campaigned vigorously throughout the state.

Buying and selling cryptocurrencies in the United States is generally subject to federal capital gains tax. Colorado Gov. Jared Polis has proposed a bill to allow residents to pay taxes in cryptocurrency, while lawmakers in Alaska, Florida, New Hampshire, Texas, Washington and Wyoming have advised potential investors to pay capital gains taxes. proposed a bill exempting them from paying Arizona legislators plan to exempt cryptocurrencies from taxation

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