HB483 Alabama 2025 Session

Summary

Primary Sponsor

Mike ShawRepresentative

Republican

Session

2025 Regular Session

Title

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

Summary

HB483 would exempt virtual currency from Alabama ad valorem taxes, define virtual currency, and declare legislative preemption over virtual currency regulation.

What This Bill Does

If enacted, the bill would amend Section 40-9-1 to add virtual currency to the list of property exempt from ad valorem taxation by state and local governments. It would define virtual currency as a digital representation of value (not US dollars or foreign currency) that functions as a unit of account, store of value, or medium of exchange. The act would take effect on October 1, 2025.

Who It Affects

• Individuals and businesses that hold virtual currency in Alabama would see their virtual currency exempt from ad valorem taxes.
• State and local tax authorities (counties and municipalities) would see changes to which property is taxable, potentially affecting tax collections and administration.

Key Provisions

• Defines 'virtual currency' as a digital representation of value, other than a representation of the United States dollar or a foreign currency, that functions as a unit of account, store of value, or medium of exchange.
• Adds virtual currency to the list of property exempt from ad valorem taxation, making such currency immune from state, county, and municipal ad valorem taxes.
• Establishes an effective date of October 1, 2025 for the new exemption and definitions.
• States that the Legislature has preemption over the regulation of virtual currency.

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

Subjects

Government Administration