States That Use Gold as Legal Tender
Hard money legislation has been passed in Louisiana, Utah, and Texas. There is more opportunity to expand. States would be able to complete transactions in silver and gold currency. Furthermore, the states would construct regulatory depositories that would accept the precious metals. A future where citizens could get their tax returns in precious metals would be a very bright one.
The private sector would be responsible for reintroducing gold and silver as legal tender. The Utah Precious Metals Association accepts gold and silver for bill payments. This is paving the way to reintroduce gold and silver currency to America. The next step would be a debit card working with checking accounts. Hard money can be used just like paper money is used with electronic transactions.
Use our map to locate states accepting gold and silver as currency for transactional purposes and states trying to pass bills to achieve the same result.
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On 02/25/2013, a bill declaring gold and silver coins from the U.S. Mint legal tender and making them exempt from taxes was defeated in a 5-4 vote. The Wyoming Legal Tender Act failed in the House again on 01/27/2015.
Governor Gary Herbert happily signed a bill into law in 2011 that declared U.S. silver and gold coins legal tender in that state. The Utah Precious Metals Association was constructed and began a trade-organization facilitating gold-backed transactions and commerce.
Arizona governor Doug Ducey greenlighted House Bill 2014, which passed in the Arizona state Senate on May 10th 2017, and removed all income taxation of precious metals coins at the state level.
Governor Jan Brewer vetoed a bill called S.B.1439, that had passed the state legislature by a large margin, on 05/02/2013. Governor Doug Ducey vetoed a similar bill on 05/27/2015 . The bills would have declared silver and gold coins legal tender in the state.
On 03/25/2013, the House Committee on Taxation passed a bill that made U.S.-minted coins exempt from taxes and legal tender in that state.
Governor Mary Fallin signed Senate Bill 862 into law on 06/04/2014. The bill states that silver and gold coins are exempt from being taxed and that gold and silver U.S.-minted coins are legal tender in that state.
Louisiana became the second state to totally eliminate sales tax related to gold and silver currency and bullion. Rep. Paul Hollis introduced H.B. 682 and it was passed with much support. Governor Bobby Jindal then signed it into law.
SB 98 is an act currently up for consideration that creates an income tax deduction for capital gains incurred from the exchange of gold or silver. Similar acts failed twice in 2014 and once in 2013.
We are keeping a watchful eye on Tennessee’s bill to exempt the sales tax on gold and silver coins. If you’d like to follow this Act, here is the bill. SB0350
On April 11, 2013, a bill passed the South Carolina House of Representatives declaring gold and silver legal tender.
Senate Bill 99 was introduced in 2013 to declare U.S. minted gold and silver coins as legal tender and make them tax exempt.