In the latest development, Arizona senator Wendy Rogers brought to the table another bill that seeks to make Bitcoin and crypto free from property taxes. The bill introduced this time, dubbed as SB 1128 comes close on the heels of a similar draft put forward by the Republican politician just two days ago that aimed for making BTC a legal tender.
The bill proposed by the senator under the title ‘Exemption for virtual currency’ defined crypto assets as a’ Digital representation of value, other than a representation of the United States dollar or a foreign currency that functions as a unit of account, a store of value, or a medium of exchange.’
Although U.S. Constitution prohibits individual states to create their own legal tender, the prospects of such bills becoming law are doubtful. Moreover, the bill must get approval from the Arizona state senate and house before Governor Doug Ducey, a Republican, could sign it into law.
Rogers, who took office in early 2021, was appointed to the 3-member Blockchain and Cryptocurrency Study Committee on December 31, last year. The term of the committee will end on December 31, 2022, when it is supposed to submit its report.
A look into Arizona’s previous attempt for a Bitcoin tax bill
A committee in the Arizona House of Representatives had recommended the passage of a bill allowing state residents to pay their tax bills in bitcoin way back in March 2018. Lawmakers first considered the measure back as early as January, the same year.
That, of course, didn’t happen.
However, in general, there is widespread support in Arizona for making Bitcoin a legal tender in the state. In fact, Bizman Don Huffines, a real estate developer and the current candidate for Texas governor backed up by saying that if he is elected, he would make bitcoin a legal tender.
Whether support is enough to get around the constitutional rule is a question only time will tell. Last September, El Salvador made bitcoin legal tender alongside the U.S. dollar and remains the only nation in the world to make BTC an official currency.