Virtual currency, declares preemption of virtual currency or cryptocurrency regulation by the Legislature and exempts virtual currency from ad valorem tax

HB 483 proposes to exempt virtual currency, also known as cryptocurrency, from ad valorem taxation in Alabama. Ad valorem taxes are property taxes, meaning this bill would prevent virtual currency from being taxed as personal property. The bill achieves this by amending Section 40-9-1 of the Code of Alabama 1975, which lists various types of property exempt from such taxation. This change would directly affect individuals and entities in Alabama who own virtual currency.