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AL SB282

Bill

Official Source

Status

Introduced

4/1/2025

Primary Sponsor

Will Barfoot

Click for details

Origin

Senate

2025 Regular Session

AI Summary

  • Amends Section 40-9-1 of the Code of Alabama 1975 to add virtual currency as a new exemption (subsection 29) from ad valorem taxation.

  • Defines virtual currency as a digital representation of value, other than United States dollars or foreign currency, that functions as a unit of account, store of value, or medium of exchange.

  • Effective date is October 1, 2025.

Legislative Description

Virtual currency, declares preemption of virtual currency or cryptocurrency regulation by the Legislature and exempts virtual currency from ad valorem tax

Government Administration

Last Action

Currently Indefinitely Postponed

5/6/2025

Committee Referrals

Finance and Taxation General Fund4/1/2025

Full Bill Text

No bill text available