Wendy Rogers, the Senator for Arizona, has introduced a bill aiming to attract more crypto businesses to the Grand Canyon State. Dubbed SB 1044, the bill aims to exempt crypto activities from taxes under the state law.
The development comes at a time when U.S. President Donald Trump is rapidly taking steps to transform his country into the crypto capital of the planet. Amid the presidential push to show support to the crypto sector, Rogers believes Arizona can become a tax-free haven for crypto players to set up shops in and subsequently offer employment and economic opportunities.
As per reports, Rogers has proposed to amend the state’s definition of the property taxes to bring more clarity around the state laws on digital assets. She believes that not just crypto but the state also must rid the wider blockchain activities of local taxes under the state administration.
Out of the 50 states that make up the U.S., Arizona is the sixth largest one that houses an estimated population of 7.6 million. For over a year now, the state has actively been taking steps to bring clarity to its internal laws around crypto.
In August this year, for instance, Arizona governor Katie Hobbs signed a landmark legislation allowing Arizona to claim the ownership of crypto assets left abandoned for at least three years.
The same month, Arizona’s Strategic Bitcoin Reserve Bill also passed – allowing the state treasurer and retirement systems to invest up to 10 percent of public funds in virtual currencies like Bitcoin.
For now, the clearance of SB 1044 remains awaited and the timeline of the decision remains unknown.