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On Thursday, May 16, 2019, Kansas governor Laura Kelly signed into law House Bill 2140, which provides a sales-tax exemption on sales of gold and silver coins and on all gold, silver, platinum, and palladium bullion.
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More state lawmakers than ever are introducing sound money legislation in the opening days of the 2021 legislative session.
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Here’s a rundown on newly introduced state legislation:
In Mississippi, House Bill 375, sponsored by Representative Henry Zuber and Representative Brady Williamson, and House Bill 978, sponsored by Representative Joel Bomgar, include language to exempt precious metals from sales taxes.
Two of Mississippi’s neighbors, Alabama and Louisiana, have already exempted precious metals from sales taxes – so the Magnolia State will continue to be at a competitive disadvantage if it maintains its current policy of taxing real money.
South Carolina’s Representative Stewart Jones just introduced three sound money measures. House Bill 3378 excludes from gross income any net capital gain derived from the exchange of precious metals bullion.
And Jones’s House Joint Resolution 3379 would create a committee to explore the feasibility of a state-chartered metals depository. Finally, the representative from Laurens, South Carolina, has put forward House Bill 3377, which reaffirms that gold and silver are money.
Building on prior efforts to make precious metals purchases tax-free, Tennessee Senator Rusty Crowe introduced Senate Bill 251.
Meanwhile, Tennessee Representative Bud Hulsey and Senator Paul Rose introduced House Bill 353 and Senate Bill 279, respectively. These bills would create a study commission regarding a gold depository for the Volunteer State and a report of findings to the state Senate and House of Representatives.
In Arkansas, a measure that would eliminate the sales tax on precious metals purchases has been submitted for introduction by Representative Delia Haak, Representative Robin Lundstrum, and Senator Mark Johnson. Senator Johnson introduced a similar measure in 2019.
In Alabama, Representative Andrew Sorrell will re-introduce a measure to remove income taxes from gold and silver. While Alabama enacted a precious metals sales tax exemption into law in 2018, the original bill sponsor, Senator Tim Melson, plans to introduce a bill this year to clear up some ambiguity in the 2018 language and to push out a sunset provision for another 5 years.
Way to the west, Representative Val Okimoto and Representative Dale Kobayashi in Hawaii have introduced House Bill 1184, a measure to exempt precious metals from Hawaii’s general excise tax.
And Idaho Representative Ron Nate and Senator Steven Vick have put forward House Bill 7 to permit the State Treasurer to hold a portion of state funds in physical gold and silver. Idaho hopes to join Ohio and Texas as one of the few states make such a move to secure state assets against the risks of inflation and financial turmoil and/or to achieve capital gains as measured in Federal Reserve Notes.
Washington State removed sales taxes against sound money decades ago, but a lawmaker hopes to take it a step further. House Bill 1417, introduced by Representative Rob Chase and co-sponsored by Representative Bob McCaslin, seeks to eliminate all Evergreen State taxes on the only form of money mentioned in the U.S. Constitution.
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... Idaho State House approved a bill that enables the State Treasurer to protect state reserve funds from inflation and financial risk by holding physical gold and silver.
House Bill 7, the Idaho Sound Money Reserves bill, found overwhelming support in the House, passing by a 51-19 vote. The bill will now head to the Idaho Senate for a hearing, which is expected to start as early as next week.
According to the bill, the proposed legislation would permit – but not require – the State Treasurer to hold some portion of state funds in physical gold and silver to help secure state assets against the risks of inflation and financial turmoil and/or to achieve capital gains as measured in Federal Reserve Notes.
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... Arkansas Gov. Asa Hutchinson has officially ended sales taxation on gold, silver, platinum, and palladium bullion and coins ...
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The Arkansas sales tax exemption takes effect on October 1, 2021.
Meanwhile, similar bills are still pending in Ohio, Maine, Tennessee, and New Jersey as the national backlash against taxing constitutional money continues.
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Of the 8 states that still impose a sales tax on purchases of precious metals, sound money forces expect exemption bills to be introduced in Kentucky, Maine, Mississippi, and Wisconsin in the upcoming 2023 legislative season.
Allies in a handful of states are also aiming to eliminate state-level capital gains taxes on sales of precious metals coins and bullion, including Alabama, Michigan, Washington, Oklahoma, South Carolina, West Virginia, Arkansas, and Idaho.
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Eliminate capital gain taxes —??handful of states are also aiming to eliminate state-level capital gains taxes on sales of precious metals coins and bullion, including Alabama, Michigan, Washington,
Lawmakers in Jackson have just introduced legislation to exempt gold and silver coins, bars, and rounds from the Mississippi's state sales tax. Rep. Jill Ford has reintroduced House Bill 508 at the beginning of the 2023 session.
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State lawmakers of both houses have just voted overwhelmingly to exempt physical gold, silver, platinum, and palladium coins and bullion from the Mississippi state sales tax, sending the bill to Governor Tate Reeves (R) for his signature.
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CHEYENNE, Wyo. (Wyoming News Now) - In the Thursday Committee meeting, lawmakers looked into backing state funds not just with U.S. dollars but with gold, and qualifying this potential state tender to its highest value if lawmakers sign on.
”We sent the signal in 1819 with the legal tender act, but I think it sends a signal we’re open for business in this space much like we have with blockchain as well and cryptocurrency, said Rep. Steve Harshman, Chair of House Revenue Committee and H.D. 37.
The Wyoming Legal Tender Act amendments bill would require the State Treasurer to pay for mineral taxes by a specific legal tender.
Providing exchange rates for fiat and other legal currencies requiring the state treasurer to hold and invest in legal tender.
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It should make it...senate has passed ...house will pass it...no indication from gov yet...crypto language was added....its sb100 if someone wants to read it for specifics.....it is being grass roots pushed with plenty of momentum so farMissouri Senate passed the bill mentioned above. Might get signed into law.
Missouri Senate Votes to End Income Taxes on Gold and Silver, Hold Monetary Metals in Reserve
The Missouri Senate today passed legislation that would prompt the state treasurer to hold at least 1% of state funds in gold and silver while eliminating all state income taxes on monetary metals.www.moneymetals.com
Cheyenne, Wyoming, USA (February 2nd, 2023) – The Wyoming State Senate today voted 16-15, on a bipartisan basis, to pass a bill prompting the Wyoming state treasurer to hold gold and silver “specie” to protect the state – as well as establish a process to receive certain tax payments in specie.
Introduced by Senator Bob Ide (R-Casper), SF 101 amends and further implements the Wyoming Legal Tender Act, a popular 2018 law that had removed all tax liability from gold and silver transactions and affirmed that the monetary metals are legal tender in Wyoming.
More:
Wyoming Senate Votes to Hold, Invest, and Receive Tax Payments in Gold and Silver
The Wyoming State Senate voted today to a pass a bill prompting the Wyoming state treasurer to hold gold and silver “specie” to protect the state – as well as establish a process to receive certain tax payments in specie.www.soundmoneydefense.org
Since 2012, colorado has shifted to full democrat with a pillow biting govenor and a communist legislature. aint happening thereJust saw this browsing some news. Colorado is doing the same thing.
http://www.cbsnews.com/8301-500395_162-57381340/colo-bill-would-legalize-gold-silver-currency/
Tennessee House and Senate Vote Unanimously to Protect State Funds with Gold and Silver
Every single lawmaker in both chambers of the Tennessee legislature has voted to empower the State Treasurer to invest state funds in physical gold and silver.www.soundmoneydefense.org
How many states are now holding or planning to hold/use gold?
Anybody know?
LATER:
OOP. I DMODD and found out it is 12 so far (debts can be settled in gold).
It is specified in the Constitution, but has been ignored.
"Missouri Bill Would Take Steps Toward Treating Gold and Silver as Money"
What flaming ignoramus wrote that unbelievable headline?
It presupposes no knowledge of what is written in the Constitution defining the only thing to be called money, nor the slightest understanding of what money is.
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Wyoming Bill Would Establish Bullion Depository; Help Facilitate Transactions in Gold and Silver
"CHEYENNE, Wyo. (Feb. 12, 2020) – A bill introduced in the Wyoming House would establish a precious metals bullion depository in the state. It would not only create a safe place to store precious metals; it would also facilitate the everyday use of gold and silver in financial transactions in Wyoming and set the stage to undermine the Federal Reserve’s monopoly on money.
A coalition of nine Republicans introduced House Bill 198 (HB198) on Feb. 11. The legislation would create the Wyoming Bullion Depository.
“The depository is established to serve as the repository for and to safeguard and administer bullion and specie that may be transferred to or otherwise acquired by the state or an agency, political subdivision or another instrumentality of the state.”
Use of the Wyoming depository would not be limited to state agencies. Individuals, businesses, charities and banks could also store precious metals in the facility.
Significantly, the depository would feature a process to transfer gold or silver in depositor’s account to other account holders, individuals or businesses by check or electronic means. In practice, private individuals and entities would be able to purchase goods and services, using assets in the vault the same way they use cash today. It would essentially set the stage to establish a specie- and bullion-based bank introducing currency competition with Federal Reserve notes.
In 2018, Wyoming set the foundation for using gold and silver in everyday transactions when it enacted a law that defines gold and silver specie as legal tender and eliminated all taxes levied on it.
In 2015, Gov. Greg Abbot signed a similar bill into law creating a state gold bullion and precious metal depository in Texas. That depository received its first deposits in the summer of 2018.
The effect has been most dramatic in Utah where United Precious Metals Association (UMPA) was established after the passage of the Utah Specie Legal Tender Act and the elimination of all taxes on gold and silver. UPMA offers accounts denominated in U.S. minted gold and silver dollars. The company also recently released the “Utah Goldback.” UPMA describes it as “the first local, voluntary currency to be made of a spendable, beautiful, physical gold.”
Constitutional tender expert Professor William Greene said when people in multiple states actually start using gold and silver instead of Federal Reserve Notes, it could create a “reverse Gresham’s effect,” drive out bad money, effectively nullify the Federal Reserve, and end the federal government’s monopoly..."
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