Arizona legislature advances proposal to exempt crypto assets from property tax

The Arizona Senate Finance Committee passed SB 1044 and SCR 1003 by a 4-3 vote. These proposals, introduced by Wendy Rogers, aim to exempt cryptocurrencies from property taxes. If passed, SCR 1003 will allow voters to decide in November whether to formally establish this tax exemption by amending the state constitution. SB 1044 proposes amending state law to define cryptocurrencies as digital representations that serve as a medium of exchange, unit of account, and store of value, and are not in US dollars or foreign currencies. Although Governor Katie Hobbs vetoed several crypto-asset-related bills in 2025, including SB 1025 which proposed establishing a strategic reserve for Bitcoin and SB 1024 which would allow the use of crypto assets for tax purposes, this tax exemption proposal has now been transferred to the Senate Rules Committee for further consideration.