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AL HB318

Bill

Official Source

Status

Introduced

2/25/2020

Primary Sponsor

Andrew Sorrell

Click for details

Origin

House of Representatives

Regular Session 2020

AI Summary

  • Amends Section 40-9-1 of the Code of Alabama 1975 to add virtual currency as a new exemption from 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.

  • Becomes effective on the first day of the third month following passage and approval by the Governor, or upon becoming law otherwise.

Legislative Description

Virtual currency, exemption from ad valorem taxation provided, Sec. 40-9-1 am'd.

Taxation

Last Action

Rereferred from FS to W&MGF

2/27/2020

Committee Referrals

Ways and Means General Fund2/27/2020
Financial Services2/25/2020

Full Bill Text

No bill text available