Indiana 2024 Regular Session

Indiana House Bill HB1043 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2	Introduced Version
3	3	HOUSE BILL No. 1043
4	4	_____
5	5	DIGEST OF INTRODUCED BILL
6	6	Citations Affected: IC 6-1.1-2-7; IC 6-2.5-5-47; IC 26-2-11.
7	7	Synopsis: Gold and silver as legal tender. Defines "specie" as: (1) coin
8	8	having gold or silver content; or (2) refined gold or silver bullion.
9	9	Provides that the following specie are recognized as legal tender in
10	10	Indiana ("specie legal tender"): (1) Specie coin that is issued by the
11	11	United States government or by a foreign government at any time. (2)
12	12	Any other specie that a United States court, in a final nonappealable
13	13	judgment, determines to be within state authority to make or designate
14	14	as legal tender under the Constitution of the United States. Provides
15	15	that except as otherwise specifically provided by law or contract, a
16	16	person may not compel any other person to tender or accept specie as
17	17	legal tender. Provides that a prevailing party in an action for breach of
18	18	any contract provision that specifically provides for a type or form of
19	19	specie as tender, regardless of whether the specie is recognized as legal
20	20	tender in Indiana, is entitled to specific performance of the contract
21	21	provision. Provides that specie and specie legal tender: (1) are not
22	22	subject to assessment and taxation under Indiana's property tax statute;
23	23	and (2) are exempt from the state gross retail tax.
24	24	Effective: July 1, 2024.
25	25	Ledbetter, Teshka, Lucas, Morrison
26	26	January 8, 2024, read first time and referred to Committee on Judiciary.
27	27	2024 IN 1043—LS 6415/DI 101 Introduced
28	28	Second Regular Session of the 123rd General Assembly (2024)
29	29	PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
30	30	Constitution) is being amended, the text of the existing provision will appear in this style type,
31	31	additions will appear in this style type, and deletions will appear in this style type.
32	32	Additions: Whenever a new statutory provision is being enacted (or a new constitutional
33	33	provision adopted), the text of the new provision will appear in this style type. Also, the
34	34	word NEW will appear in that style type in the introductory clause of each SECTION that adds
35	35	a new provision to the Indiana Code or the Indiana Constitution.
36	36	Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts
37	37	between statutes enacted by the 2023 Regular Session of the General Assembly.
38	38	HOUSE BILL No. 1043
39	39	A BILL FOR AN ACT to amend the Indiana Code concerning
40	40	commercial law.
41	41	Be it enacted by the General Assembly of the State of Indiana:
42	42	1 SECTION 1. IC 6-1.1-2-7, AS AMENDED BY P.L.234-2019,
43	43	2 SECTION 1, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
44	44	3 JULY 1, 2024]: Sec. 7. (a) As used in this section, "nonbusiness
45	45	4 personal property" means personal property that is not:
46	46	5 (1) held for sale in the ordinary course of a trade or business;
47	47	6 (2) held, used, or consumed in connection with the production of
48	48	7 income; or
49	49	8 (3) held as an investment.
50	50	9 (b) The following property is not subject to assessment and taxation
51	51	10 under this article:
52	52	11 (1) A commercial vessel that is subject to the net tonnage tax
53	53	12 imposed under IC 6-6-6.
54	54	13 (2) A vehicle that is subject to the vehicle excise tax imposed
55	55	14 under IC 6-6-5.
56	56	15 (3) A motorized boat or sailboat that is subject to the boat excise
57	57	16 tax imposed under IC 6-6-11.
58	58	17 (4) Property used by a cemetery (as defined in IC 23-14-33-7) if
59	59	2024 IN 1043—LS 6415/DI 101 2
60	60	1 the cemetery:
61	61	2 (A) does not have a board of directors, board of trustees, or
62	62	3 other governing authority other than the state or a political
63	63	4 subdivision; and
64	64	5 (B) has had no business transaction during the preceding
65	65	6 calendar year.
66	66	7 (5) A commercial vehicle that is subject to the annual excise tax
67	67	8 imposed under IC 6-6-5.5.
68	68	9 (6) Inventory.
69	69	10 (7) A recreational vehicle or truck camper that is subject to the
70	70	11 annual excise tax imposed under IC 6-6-5.1.
71	71	12 (8) The following types of nonbusiness personal property:
72	72	13 (A) All-terrain vehicles.
73	73	14 (B) Snowmobiles.
74	74	15 (C) Rowboats, canoes, kayaks, and other human powered
75	75	16 boats.
76	76	17 (D) Invalid chairs.
77	77	18 (E) Yard and garden tractors.
78	78	19 (F) Trailers that are not subject to an excise tax under:
79	79	20 (i) IC 6-6-5;
80	80	21 (ii) IC 6-6-5.1; or
81	81	22 (iii) IC 6-6-5.5.
82	82	23 (9) For an assessment date after December 31, 2018, heavy rental
83	83	24 equipment (as defined in IC 6-6-15-2) that is rented or held for
84	84	25 rental or sale, the rental of which is or would be subject to the
85	85	26 heavy equipment rental excise tax provisions under IC 6-6-15;
86	86	27 provided, however, that a rentee that is exempt under
87	87	28 IC 6-6-15-4(a)(3) from such excise tax shall be subject to the
88	88	29 provisions of this article on such equipment.
89	89	30 (10) For an assessment date after December 31, 2024, specie
90	90	31 (as defined in IC 26-2-11-4) or specie legal tender (as defined
91	91	32 in IC 26-2-11-5).
92	92	33 SECTION 2. IC 6-2.5-5-47, AS AMENDED BY P.L.239-2017,
93	93	34 SECTION 9, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
94	94	35 JULY 1, 2024]: Sec. 47. (a) As used in this section, "legal tender"
95	95	36 includes specie legal tender (as defined in IC 26-2-11-5).
96	96	37 (b) Transactions involving the sale of or the lease or rental of
97	97	38 storage for:
98	98	39 (1) coins that are permitted investments by an individual
99	99	40 retirement account or by an individually-directed account under
100	100	41 26 U.S.C. 408(m);
101	101	42 (2) bullion that would be a permitted investment by an individual
102	102	2024 IN 1043—LS 6415/DI 101 3
103	103	1 retirement account or by an individually-directed account under
104	104	2 26 U.S.C. 408(m) if the bullion was in the physical possession of
105	105	3 a trustee; or
106	106	4 (3) specie (as defined in IC 26-2-11-4); or
107	107	5 (3) (4) legal tender;
108	108	6 are exempt from the state gross retail tax.
109	109	7 (c) The exchange of one (1) type or form of legal tender for
110	110	8 another type or form of legal tender is exempt from the state gross
111	111	9 retail tax.
112	112	10 SECTION 3. IC 26-2-11 IS ADDED TO THE INDIANA CODE AS
113	113	11 A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE JULY
114	114	12 1, 2024]:
115	115	13 Chapter 11. Gold and Silver as Legal Tender
116	116	14 Sec. 1. As used in this chapter, "final nonappealable judgment"
117	117	15 means a final judgment with respect to which:
118	118	16 (1) the time for filing an appeal has expired;
119	119	17 (2) all appeals have been exhausted; or
120	120	18 (3) both subdivisions (1) and (2) apply.
121	121	19 Sec. 2. As used in this chapter, "gold or silver bullion" means
122	122	20 bars, ingots, or commemorative medallions of gold or silver.
123	123	21 Sec. 3. As used in this chapter, "legal tender" means a
124	124	22 recognized medium of exchange for the payment of debts and
125	125	23 taxes.
126	126	24 Sec. 4. As used in this chapter, "specie" means either of the
127	127	25 following:
128	128	26 (1) Coin having gold or silver content.
129	129	27 (2) Refined gold or silver bullion that is:
130	130	28 (A) coined, stamped, or imprinted with its weight and
131	131	29 purity; and
132	132	30 (B) valued primarily on its metal content and not its form.
133	133	31 Sec. 5. As used in this chapter, "specie legal tender" refers to
134	134	32 specie recognized as legal tender in Indiana under section 6 of this
135	135	33 chapter.
136	136	34 Sec. 6. The following specie are recognized as legal tender in
137	137	35 Indiana:
138	138	36 (1) Specie described in section 4(1) of this chapter that is
139	139	37 issued by the United States government at any time.
140	140	38 (2) Specie described in section 4(1) of this chapter that is
141	141	39 issued by a foreign government at any time.
142	142	40 (3) Any other specie that a United States court, in a final
143	143	41 nonappealable judgment, determines to be within state
144	144	42 authority to make or designate as legal tender under Article
145	145	2024 IN 1043—LS 6415/DI 101 4
146	146	1 1, Section 10 of the Constitution of the United States.
147	147	2 Sec. 7. (a) Except as otherwise specifically provided by law or
148	148	3 contract, a person may not compel any other person to:
149	149	4 (1) tender specie; or
150	150	5 (2) accept specie;
151	151	6 as legal tender.
152	152	7 (b) In addition to any other available remedies, a prevailing
153	153	8 party in an action for breach of any contract provision that
154	154	9 specifically provides for a type or form of specie as tender,
155	155	10 regardless of whether the specie is recognized as legal tender under
156	156	11 section 6 of this chapter, is entitled to specific performance of the
157	157	12 contract provision.
158	158	2024 IN 1043—LS 6415/DI 101