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

SB 282 proposes to exempt virtual currency, also known as cryptocurrency, from ad valorem taxation in Alabama. This means that individuals and entities owning virtual currency would no longer be subject to property taxes on these digital assets. The bill achieves this by amending Section 40-9-1 of the Code of Alabama 1975, which lists various types of property that are currently exempt from ad valorem taxes.