property tax exemption; virtual currency

SCR 1001 is a proposed constitutional amendment that would add virtual currency to Arizona's list of tax-exempt property. It defines virtual currency as a digital medium of exchange, unit of account, and store of value (excluding U.S. or foreign currency). The amendment would automatically exempt virtual currency from property taxes without requiring owners to apply for the exemption. If approved by voters, this change would take effect as part of Arizona's constitution, following the bill's recent passage by both legislative chambers. This is a procedural constitutional amendment requiring voter approval, not an immediate law.