HB177 Summary

• Proposes a constitutional amendment to exempt virtual currency from state, county, and local ad valorem taxation.

• Defines virtual currency as a digital representation of value (other than U.S. dollars or foreign currency) that functions as a unit of account, store of value, and/or medium of exchange.

• Requires approval by a majority of qualified electors voting in an election conducted according to Sections 284 and 285 of the Alabama Constitution.

• Election officials shall assign a ballot number and display the amendment description with "Yes ( ) No ( )" voting options.