Arizona State Senate’s lawmakers intend to draft a bill to allow voters to take the call whether virtual currency should be exempted from property taxation filings, as reported by Cointelegraph.
According to Cointelegraph, at the preliminary hearing of Arizona State Senate in 2023, senators Wendy Rogers, Sonny Borrelli, and Justine Wadsack suggested that Arizona residents should have their say on amending state’s constitution for property taxes. If the proposal gets accepted, voters could choose in November, 2024, to draft virtual currency. As per the Arizonian constitution, all federal, state, county and municipal property are excluded from taxation, along with public debts, household goods, and specific “stocks of raw or finished materials, unassembled parts, works in process or finished products”.
On the basis of information by Cointelegraph, on January 19 and January 23, 2023, the bill was subjected to two readings with regard to state Senate’s calendar. It is believed that lawmakers from previous sessions tried to move ahead with legislation in connection with crypto and taxes. Reportedly, Rogers made the introduction of a similar bill in the second Senate session of 2022.
Moreover, Cointelegraph noted that the proposed legislation is expected to face different political implications with respect to 2018 or 2022, with Rogers, Borrelli and Wadsack having either denied or questioned the legitimacy of election of some federal lawmakers.
(With insights from Cointelegraph)
