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SCR 1001

property tax exemption; virtual currency

57th Legislature - First Regular Session Introduced by Wendy Rogers

SCR 1001 exempts virtual currencies from property taxes to encourage adoption, potentially attracting blockchain businesses but reducing tax revenue.

House Second Reading
0
WeVote Research Nonpartisan
Bill Summary · SCR 1001

Summary of SCR 1001: Property Tax Exemption for Virtual Currency

Bill Overview

SCR 1001 is a concurrent resolution that seeks to amend the state constitution to provide a property tax exemption for virtual currency. The main purpose of this bill is to encourage the growth and adoption of virtual currencies within the state by offering tax incentives to individuals and businesses that hold these digital assets.

Key Provisions

  • Exempts virtual currency from property taxation, including any virtual currencies, cryptocurrencies, or other digital representations of value
  • Defines "virtual currency" as a digital representation of value that is used as a medium of exchange, a unit of account, or a store of value, and is not denominated in the currency of any country
  • Requires the state legislature to define the terms and conditions for claiming the virtual currency property tax exemption
  • Specifies that the exemption would apply to property tax assessments starting in the 2027 tax year, if approved by voters

Impact and Affected Parties

This bill, if enacted, would primarily benefit individuals and businesses that own or hold virtual currencies. By exempting these digital assets from property taxes, it would reduce the overall tax burden on virtual currency holders within the state.

The bill is intended to position the state as a favorable environment for virtual currency adoption and investment. Proponents argue this could attract more blockchain-based businesses and innovation to the state, leading to economic growth and job creation in the emerging digital asset sector.

However, the exemption would result in a reduction of property tax revenue for state and local governments. The fiscal impact would depend on the overall adoption of virtual currencies within the state.

Next Steps

SCR 1001 has passed the state Senate and is currently awaiting a second reading in the House. If approved by the House, the constitutional amendment would be placed on the next general election ballot for voter approval.

Compiled from official sources — confirm details with the bill’s official record.

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