Bill
SCR 1003
Overview: SCR 1003 is a concurrent resolution prefiled in the state legislature on January 6, 2025. It addresses the property tax exemption for virtual currency.Purpose and Intent:
Overview: SCR 1003 is a concurrent resolution prefiled in the state legislature on January 6, 2025. It addresses the property tax exemption for virtual currency.
Purpose and Intent: The resolution aims to establish a property tax exemption for virtual currency held by individuals and businesses. The stated intent is to encourage the adoption and use of virtual currency within the state.
Key Provisions:
- Exempts virtual currency from property tax assessments
- 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
- Specifies that the exemption applies to virtual currency held by both individuals and businesses
Affected Parties and Impacts: This resolution would primarily benefit individuals and businesses that hold virtual currency within the state. It could potentially incentivize the use and adoption of virtual currency by providing a tax exemption.
Procedural and Timeline Considerations: SCR 1003 has been prefiled and is in the early stages of the legislative process. As a concurrent resolution, it requires passage by both chambers of the legislature but does not require the governor's signature to take effect.
Compiled from official sources — confirm details with the bill’s official record.
Sign in to ask a question.
