Arizona Governor Katie Hobbs has said the regulation will tie the hands of local entrepreneurs by vetoing the law that prevents municipalities from taxing Bitcoin and cryptocurrency mining activities in residential buildings.
Arizona Governor Vetoes Bill Banning Taxes on Bitcoin Mining
The bill was intended to prohibit a city, town or county from charging taxes or fees from individuals or entities trading cryptocurrency and NFT from a private residence.
“This bill broadly defines ‘blockchain technology’ and prevents local policy making regarding an emerging and potentially energy-intensive economic activity,” Hobbs said in his veto letter.
One of the largest Bitcoin mining facilities in North America is located in Surprise, Arizona. Operated by Bitmain, the facility has been in operation since 2016 and is now one of the largest Bitcoin mines in the world. The Bitcoin mining facility Surprise had a significant impact on the city and its economy, creating jobs, generating tax revenue and attracting investment.
Hobbs was sworn in as Arizona’s 24th governor on January 9, 2023, after defeating incumbent Republican Doug Ducey in the 2022 gubernatorial election.
Hobbs served as Arizona Secretary of State from 2019-2023 before becoming governor. She was the first Democrat to hold the post since 1995. As secretary of state, he oversaw elections, business services, and public records in Arizona.
*Not investment advice.
Katie Hobbs is a she, not a he