There governor of arizona, Katie Hobbs, recently vetoed the Blockchain Tax Prohibition Bill (SB 1236). This legislation, introduced by Senator Wendy Rogersaimed to prevent the state from imposing taxes on cryptocurrency mining activities and blockchain node operations. Additionally, the bill sought to prevent local governments from prohibiting or restricting the ability of residents to operate a blockchain node for mining activities.
Veto of a pro mining law: the subject of return energy consumption
The Governor Hobbs expressed his concerns in a letter to Senate President Warren Peterson on April 12. She said the definition of technology blockchain in the bill was too broad, potentially hampering public policy efforts in the state’s web3 space. The Governor also expressed concerns about the potentially energy-intensive nature of this emerging economic activity.
Despite his decision to put his veto to SB 1236, Governor Hobbs underscored her willingness to work with the Legislature to find innovative solutions that support Arizona’s booming economy. She expressed a desire to engage local stakeholders in developing these solutions, thereby demonstrating her commitment to collaboration and creating an enabling environment for technological innovation.
In January, senators Wendy Rogers, Sonny Borrelli And Justine Wadsack proposed another bill, the SB 1240aimed at introducing property tax exemptions for crypto currencies. This bill has already been approved by the Senate and is currently being considered by the House of Representatives. If passed, it would provide further support for Arizona’s burgeoning cryptocurrency industry.
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