An Alabama legislator has re-introduced a bill that would expressly exempt “virtual currency” from ad valorem tax. Alabama broadly imposes its ad valorem tax on all property, unless expressly exempt. Under current law, several other forms of currency are enumerated as exempt, such as “money on deposit in any bank or banking institution and all

Effective August 6, 2021, Illinois amended its unclaimed property law to include cryptocurrency. SB 338, Public Act 102-0288, was approved by the Governor and became law the same day. Under the unclaimed property law, “virtual currency” is presumed unclaimed after 5 years of no indication of interest by the apparent property owner. The new

Effective July 1, 2021, Kentucky has enacted sales tax and utility gross receipts exemptions for certain transactions involving the commercial mining of cryptocurrency. The Kentucky DOR explained the two recently enacted bills here. HB 230 exempts the sale or purchase of electricity used or consumed in the commercial mining of cryptocurrency from sales tax and

In this article in the Journal of Multistate Taxation and Incentives, Charlie Kearns and Dennis Jansen provide an overview of those recent state and local tax legislative developments affecting cryptocurrency, including attempts to protect miners or holders from excessive taxation and incent them to “locate” in a jurisdiction, which may offer some insight into