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(CBS News) DENVER - Colorado State Senators will consider a bill that would allow people to use gold and silver as currency.
A similar measure is already in place in Utah and is being considered in 12 other states, reports CBS Station KCNC.
Supporters are concerned about the strength of the U.S. dollar.
The sponsors of the bill say they are concerned about the strength of the U.S. dollar, public debt, and currency devaluation.
"Over history just about every country in the world that has had a serious debt crisis has intentionally inflated their currency," Sen. Kent Lambert, R, told KCNC's Michelle Griego.
Lambert said that can easily happen in this country, so he's sponsoring a bill that would allow people to use gold and silver coins like cash.
"Coins that are minted by the U.S. government should be something that we can use in trade," he said.
After World War gold and silver coins were banned as currency in the U.S. To use gold and silver coins today they have to be converted to paper dollars. So a $20 gold coin in the 1800s is still legally worth $20, even though its real value may be a lot more.
On Friday gold was trading at more than $1,700 an ounce.
Lambert says if the bill passes people will not be walking around with bags of gold coins, but it's an alternative for them to feel more secure with their money.
It’s starting to look like Virginia could yet emerge in a leading role among the states in respect of monetary reform. The lower chamber of its general assembly has passed a bill to underwrite a study of the feasibility of a monetary unit based on a metallic standard. It is one of a number of states that are reaching deep into the Constitution of the United States to protect themselves in an era when the value of the dollars issued by the federal government is collapsing.
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Arizona may become the second state, after Utah, to recognize gold and silver as legal tender authorized for payments of debts and taxes.
The Arizona Senate voted Thursday to approve SB 1439, the Constitutional Tender Act, which allows businesses and the state government to accept payments in gold or silver. ...
Distrust of the Federal Reserve and concern that U.S. dollars may become worthless are fueling a push in more than a dozen states to recognize gold and silver coins as legal tender.
Lawmakers in Arizona are poised to follow Utah, which authorized bullion for currency in 2011. Similar bills are advancing in Kansas, South Carolina and other states.
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The Arizona measure, sponsored by Republicans, won preliminary approval in the House of Representatives April 4 after passing the Senate on a party line vote Feb. 28. Gold is mined in both Arizona and Utah, while Nevada is the largest U.S. producer, according to National Mining Association figures.
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Somebody tried paying his employees at face value, I probably don't need to tell you that the IRS prevailed in court:They would probably be glad to let us use AGE's and ASE's at face value...whoop de do.
Last Monday Arizona lawmakers passed a bill that makes precious metals legal tender. Arizona is the second state after Utah to allow gold coins created by the Fed and private mints to be used as currency.
Senator Crandell... A return to the gold standard, he believes, will relieve volatility in the gold market.
The bill will also eliminate a capital gains tax liability associated with an increase in the value of gold. Making gold a legal tender eliminates the commodities tax at a state level.
In an interview with the Arizona Daily Star, Crandell expressed his distrust in the U.S. Dollar, stating that as the Fed continues to print money hyperinflation becomes more likely. This bill will prove to be a safe haven for the state of Arizona when hyperinflation sets in, he says.
The Arizona Senate on Tuesday approved a measure to make gold and silver legal currency in the state, in a response to what backers said was a lack of confidence in the international monetary system.
The legislation cleared the Republican-controlled Senate by an 18-10 vote after being approved by the state House earlier this month. It now goes to Republican Governor Jan Brewer, who has not indicated if she will sign it into law or veto it.
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Arizona Governor Jan Brewer vetoed a measure on Thursday that would have made gold and silver legal tender in the state, saying the legislation could have resulted in lost tax revenue.
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As of October 1, the sales tax levied on purchases of gold, silver and platinum bullion and numismatic coins in Texas is now eliminated. It is the first time that a state has expanded an existing sales tax exemption for gold and silver.
Previously, Texans were paying 6.25% on all precious metals purchases under $1,000, a tax that was considered especially burdensome to small investors. Gov. Rick Perry signed H.B. 78 into law on June 14.
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Earlier this year, Louisiana became the second U.S. state to enact legislation to eliminate the sales tax on gold and silver coins and bullion. The sales tax, which is 4% in Louisiana, was eliminated on gold and silver purchases beginning on August 1. Louisiana Gov. Bobby Jindal signed H.B. 682, a bill identical to the Texas legislation, during the last week of June.
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Oklahoma has a new law that recognizes gold and silver as legal tender and eliminates the sales tax on buying the two metals.
The law came from Senate Bill 862. After reading that document, I still had trouble understanding what the advantages of the new law are for state residents, so I called two of the bill’s authors, Rep. Gary Banz, R-Midwest City, and Sen. Nathan Dahm, R-Broken Arrow.
“The new law does two things,” Banz said. “First, it removes the sales tax on buying gold. Before you had to pay sales tax when you bought it and capital gains tax when you sold it. So that was double-taxation.
“And, second, it removes a stipulation about keeping gold in a registered depository in order to not have to pay taxes.”
Utah enacted a similar law a couple of years ago, and about 12 other states are considering them.
Essentially, it appears the biggest benefit of the change for the average person is that it puts gold and silver on a level playing field with stocks and bonds as far as the cost involved in investing.
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Some time ago I read about a Texan university that has gold bullion deposited somewhere.
... this Wednesday the Arizona Senate Finance and Rules Committees will consider legislation (HB 2014) officially defining gold, silver, and other precious metals as legal tender. The bill also exempts transactions in precious metals from state capital gains taxes ...
(May 10th, 2017) – Sound money advocates scored a major victory today when the Arizona state senate voted 16-13 to remove all income taxation of precious metals at the state level. The measure heads to Governor Doug Ducey, who is expected to sign it into law.
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The Idaho State House today overwhelming approved a bill which excludes gains or losses on the sale of precious metals, coins, and bullion from an Idaho taxpayer's taxable income.
State representatives voted 60-9 to pass House Bill 449 sending the measure introduced by House Majority Leader Mike Moyle and Senate Assistant Majority Leader Steve Vick to the Senate for a hearing in the Local Government and Taxation Committee.
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Utah and Arizona already have similar measures to remove income taxes from the monetary metals. Legislators in Wyoming, Kansas, Tennessee, and Alabama are working to exempt precious metals from sales and use taxes – just like Idaho and over 35 other states have already done.
Gold and silver have never been illegal. We should invest in it to protect our savings.
West Virginia legislator Delegate Pat McGeehan (R-01) has introduced the West Virginia Sound Money Act, House Bill 2684, to eliminate all tax liability on gold and silver in the state.
Following in the footsteps of the Wyoming Legal Tender Act, which passed in Wyoming overwhelmingly last year, the West Virginia Sound Money Act is a similar measure that will remove all taxation against gold and silver, including sales and use tax, property tax, individual income tax, and corporate income tax.
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This measure comes on the heels of the introduction of three sound money bills introduced in Wyoming last week that aim to protect the state’s funds with gold and silver. Bills to remove taxation on sound, constitutional money are also being introduced in Wisconsin, Tennessee, Maine, and Virginia.
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CHARLESTON, W. Va. (March 27, 2019) – Today, West Virginia Gov. Jim Justice signed a bill into law that takes an important first step towards treating gold and silver as money instead of a commodity.
Sen. Craig Blair (R-Martinsburg) introduced Senate Bill 502 (SB502) on Feb. 1. The new law repeals sales and use tax on gold and silver bullion.
SB502 defines “investment metal bullion” as “elementary precious metal which has been put through a process of smelting or refining, including gold, silver, platinum, and palladium, and which is in such a state or condition that its value depends upon its content and not its form.” It defines investment coins to include numismatic coins or other forms of money and legal tender manufactured of gold, silver, platinum, palladium, or other metal and of the United States or any foreign nation with a fair market value greater than any nominal value of such coins.
The Senate passed SB502 by a vote of 33-0. The House concurred with a 90-9 vote. With Justice’s signature, the law will go into effect July 1.
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