Individual US States push for gold and silver legalization

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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
..."

.
 
Love to see that Wyoming is following Texas' lead in building a repository, but Professor Greene must know that a "reverse Gresham's effect" is never going to happen until Federal taxes (sales and capital gains) on precious metals are undone.
 
More state lawmakers than ever are introducing sound money legislation in the opening days of the 2021 legislative session.
...
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.
...

 
I missed this one from a week ago:
... 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.
...

 
... Arkansas Gov. Asa Hutchinson has officially ended sales taxation on gold, silver, platinum, and palladium bullion and coins ...
...
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.
...

 
* bump *

Updated list:

 
Here in Kentucky they like it better if we just drive to another state to purchase the real stuff.
 
...
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.
...

 
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,
Eliminate capital gain taxes —??
Unh... we don't have state income taxes here in the proletariat of washington so how could they eliminate capital gain taxes?

Sounds good but don't mean shit.

BF
 
Thanks for the link, bug, I didn't know the bastiges passed this in 2021. One saving point is that the tax is 'only' applied only to capital gains of more than $250,000. But we all know how that camel works, eh?

And, according to another article referenced in that article the supreme court is the state supreme court, not the federal one.

BF
 
If the Feds eliminated cap gains on PMs that would start a new gold rush.
 
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.
...

 
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:

 
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.
...

 
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.
...


^ They are talking about the SF0101 bill that was mentioned earlier in the thread here.

 
(Montpelier, Vermont) – On the heels of overwhelming votes to remove all taxes from purchases of precious metals in Mississippi, legislators in Vermont have introduced a measure to curtail the controversial tax in their own state.

Introduced yesterday by Rep. Peterson, Demar, Highly, and Smith, House Bill 295 would cancel sales taxes on larger-sized purchases of “rare coins of numismatic value, gold or silver bullion or coins, or gold or silver tender of any nation traded and sold according to its value as precious metal.”

 
In this vid Sal and Patrick Holland talk about the different state laws concerning sound money.

BREAKING NEWS On The Revolution Of Sound Money!​

Feb 24, 2023


23:23

Patrick Holland email: patrick@mofree.org
 
Missouri Senate passed the bill mentioned above. Might get signed into law.

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 far
 
Boise, Idaho (March 2, 2023) -- The Idaho State House today approved a bill to enable the State Treasurer to protect state funds from inflation and other financial risks by holding some physical gold and and silver.

State representatives voted 40-29 to pass House Bill 180, the Idaho Sound Money Reserves Act, sending the measure introduced by Representative Barbara Ehardt (R-Idaho Falls) and Senator Phil Hart (R-Kellogg) to the Senate for a hearing.

Supported by Idahoans and groups such as Sound Money Defense League, HB 180 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 devaluing Federal Reserve Notes.

 
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:



Below is a statement from Money Metals president Stefan Gleason on the defeat of Sound Money legislation in the Wyoming House today:

The House Revenue Committee, led by Rep. Steve Harshman, eviscerated SF 101 bill and turned it into a dead letter requiring nothing whatsoever -- while laughably extending the deadline to do nothing to 2025. The Harshman amendments made a mockery of the sound money bill, effectively killing it.

Rep. Mark Jennings attempted to save SF 101 on the House floor today. By stipulating the State of Wyoming must, at long last, own at least some gold or silver, Rep. Jennings' proposed compromise amendment would have ensured that Wyoming takes at least one baby step forward on sound money. Unfortunately, the Jennings amendment failed by a vote of 34-27.

 
Frankfort, Kentucky – Responding to overwhelming grassroots support over the last three years, lawmakers in the Kentucky House have voted to end the state’s controversial practice of imposing sales taxes on all purchases of precious metals.

House Bill 360, a sweeping sales tax bill, includes language to exempt gold, silver, platinum, and palladium bars, ingots, rounds, and coins from state sales taxes.

 
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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.
 
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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 has a bill in process SB100/HB718 that has passed the senate and is in process in the house ..........basiclly it ratifies gold as legal tender and prohibits state entities from requiring payments in CBDCs in the future also requires some state funds to be held in gold, PMs to not be subject to cap gains...etc


 
"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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"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.

i just grabbed a article that had a lot of the provisions of the bill in it for reference........and i am involved in this bill..........one part of the sb100 bill that has passed the senate actually allows for you to pay your taxes with gold at current market rates .......and that might be why he titled the article that way......as state entities would have to honor your payment if you walk in and hand them a gold coin .....obviously the logistics of a over the counter transactions have not been addressed yet .....at this point some of the pieces of the bills are being watered down and a fight is on .....lotta grass roots effort going into this
 
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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
..."

.

Gee...what could possibly go wrong for individuals?
 

Arkansas Governor Signs Senate Bill 1718, Reaffirming Gold and Silver as Legal Tender and Removing All Tax Liability from the Monetary Metals​

Little Rock, Arkansas (April 18, 2023) – Sound money advocates are rejoicing as House Bill 1718, the Arkansas Legal Tender Act has become the law in the Natural State.

Backed by the Sound Money Defense League, Money Metals Exchange, and sound money advocates and supporters throughout the state, HB 1718 reaffirms gold and silver as legal tender, as well as ends all taxes on purchase, sale, or exchange of specie, including state capital gains taxes.

 
I have to ask, who, "in their right mind", would actually pay for ANYTHING with gold or silver when the poople and .gov will accept FIAT for transactions? I say, spend the shit and keep the gold!!!

And I have to wonder, is this 'legalization" thing just a blatant attempt to steal the peoples real money?
 

Not many states left to go.
 
From the link:

MAY 3, 2023 BY MICHAEL MAHARREY

On May 2, a Texas House committee passed a bill to create 100% reserve gold and silver-backed transactional currencies. Enactment of this legislation would create an option for people to conduct business in sound money, set the stage to undermine the Federal Reserve’s monopoly on money, and possibly create a viable alternative to a central bank digital currency (CBDC).

Rep. Mark Dorazio (R) introduced HB4903 on March 10 and it has since garnered a bipartisan coalition of 42 cosponsors. The legislation would require the state comptroller to establish and provide for the issuance of gold and silver specie and also establish digital currencies that are 100% backed by gold and silver, and 100% redeemable in cash, gold, or silver.

 
That's fantastic news. Sounds like it has a real chance of passing. :popcorn:
 
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