HB372 Alabama 2021 Session

Summary

Primary Sponsor

Andrew SorrellAuditor

Republican

Session

Regular Session 2021

Title

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

Summary

HB372 would exempt virtual currency from Alabama's ad valorem taxes.

What This Bill Does

The bill adds virtual currency to the list of property exempt from ad valorem taxation in Section 40-9-1. It defines virtual currency as a digital representation of value that is not the U.S. dollar or another foreign currency and can function as a unit of account, a store of value, or a medium of exchange. As a result, holdings of virtual currency would not be taxed as property by counties or municipalities. The act becomes effective on the first day of the third month after passage and governor approval.

Who It Affects

• Owners and holders of virtual currency in Alabama would not owe ad valorem taxes on those holdings.
• County and municipal tax assessors and officials who administer ad valorem taxes would apply the exemption to virtual currency.

Key Provisions

• Adds Virtual Currency to the exemptions from ad valorem taxation in Section 40-9-1.
• Defines Virtual Currency as a digital representation of value (not USD or a foreign currency) that functions as a unit of account, a store of value, and/or a medium of exchange.
• Effective date: the act takes effect on the first day of the third month following passage and governor approval.

AI-generated summary using openai/gpt-5-nano on Feb 22, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Taxation