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AL HB372

Bill

Official Source

Status

Introduced

2/9/2021

Primary Sponsor

Andrew Sorrell

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Origin

House of Representatives

Regular Session 2021

AI Summary

HB 372 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.

Legislative Description

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

Taxation

Last Action

Indefinitely Postponed

5/6/2021

Committee Referrals

Ways and Means General Fund2/9/2021

Full Bill Text

No bill text available