Tax Rules on Cryptocurrency ‘Airdrops’ Head to Arizona Governor

Recipients of free cryptocurrency airdropped to digital wallets wouldn’t have to pay income tax on the value under legislation Arizona state lawmakers passed late Friday.

The bill (H.B. 2204), which now heads to Gov. Doug Ducey (R) for consideration, is among the earliest efforts to put into Arizona law the tax treatment of virtual currencies and digital collectibles known as non-fungible tokens, or NFTs. State revenue agencies across the country are weighing their approaches to the growing markets, though most have yet to issue guidance, according to Bloomberg ...