Arizona lawmaker proposes barring taxes on crypto and blockchain

Turner Wright 3 minutes ago Arizona lawmaker proposes barring taxes on crypto and blockchain Two bills and one resolution proposed by state lawmaker Wendy Rogers could allow Arizona voters to change the state's taxation laws applied to digital assets and blockchain. Listen 0:00 News COINTELEGRAPH IN YOUR SOCIAL FEED Arizona state Senator Wendy Rogers has proposed two bills and a resolution in an effort to change the state’s laws on taxing digital assets. In legislation prefiled with the Arizona Senate on Friday, Rogers proposed amending state statues to exempt virtual currency from taxation (SB 1044), barring counties, cities and towns from taxing or fining entities running blockchain nodes (SB 1045), and amending the state constitution’s definition of property taxes to clarify rules on digital assets (SCR 1003). The blockchain node bill may move through the state legislature, but the crypto tax bill and resolution would require a vote by Arizona voters during the next general election, in November 2026. SCR 1003 would amend Arizona’s constitution to specifically exclude virtual currency from property tax, while SB 1044 would add similar language to the state’s statutes. SB 1045 would prohibit cities, towns and counties in the state from imposing “a tax or fee on a person that runs a node on blockchain technology.” Bill barring cities or towns from taxing blockchain node activity: Source: Arizona legislature Arizona is one of the few US states that has a law on the books allowing the government to claim ownership of digital assets that have been abandoned for at least three years. The law was part of efforts by crypto advocates to establish a digital asset reserve in Arizona, but there are other proposals to give the state more authority to invest in cryptocurrencies like Bitcoin ( BTC ). Related: New Hampshire governor signs crypto reserve bill into law Rogers was one of the co-sponsors of a Bitcoin reserve bill vetoed by Arizona Governor Katie Hobbs in May. The senator condemned the move and said she would refile the bill during the next session. Cointelegraph reached out to Rogers for comment but had not received a response at the time of publication. US states adopt crypto reserve bills, different digital asset policies Arizona remains one of the few US states with a law establishing a digital asset reserve, along with New Hampshire and Texas. Although some lawmakers in other states have been attempting to gather support for similar bills, there are also many suggesting a different approach to digital asset taxation. For example, Ohio’s House of Representatives passed a bill that could exempt crypto transactions under $200 from the state’s capital gain taxes. The legislation does not appear to have advanced since June. New York Assemblymember Phil Steck proposed adding a 0.2% excise tax on “digital asset transactions, including the sale or transfer of digital assets” for the state’s residents. The bill was referred to the ways and means committee and did not appear to have advanced since August. At the federal level, Wyoming Senator Cynthia Lummis submitted a draft bill in July proposing a de minimis exemption for digital asset transactions and capital gains of $300 or less. Lummis announced on Friday that she would retir e from the US Senate in January 2027. Magazine: When privacy and AML laws conflict: Crypto projects’ impossible choice # Blockchain # Cryptocurrencies # Law # Taxes # Arizona # Regulation Add reaction