Introduced Version
HOUSE BILL No. 1043
_____
DIGEST OF INTRODUCED BILL
Citations Affected: IC 6-1.1-2-7; IC 6-2.5-5-47; IC 26-2-11.
Synopsis: Gold and silver as legal tender. Defines "specie" as: (1) coin
having gold or silver content; or (2) refined gold or silver bullion.
Provides that the following specie are recognized as legal tender in
Indiana ("specie legal tender"): (1) Specie coin that is issued by the
United States government or by a foreign government at any time. (2)
Any other specie that a United States court, in a final nonappealable
judgment, determines to be within state authority to make or designate
as legal tender under the Constitution of the United States. Provides
that except as otherwise specifically provided by law or contract, a
person may not compel any other person to tender or accept specie as
legal tender. Provides that a prevailing party in an action for breach of
any contract provision that specifically provides for a type or form of
specie as tender, regardless of whether the specie is recognized as legal
tender in Indiana, is entitled to specific performance of the contract
provision. Provides that specie and specie legal tender: (1) are not
subject to assessment and taxation under Indiana's property tax statute;
and (2) are exempt from the state gross retail tax.
Effective: July 1, 2024.
Ledbetter, Teshka, Lucas, Morrison
January 8, 2024, read first time and referred to Committee on Judiciary.
2024 IN 1043—LS 6415/DI 101 Introduced
Second Regular Session of the 123rd General Assembly (2024)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
Constitution) is being amended, the text of the existing provision will appear in this style type,
additions will appear in this style type, and deletions will appear in this style type.
Additions: Whenever a new statutory provision is being enacted (or a new constitutional
provision adopted), the text of the new provision will appear in this style type. Also, the
word NEW will appear in that style type in the introductory clause of each SECTION that adds
a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts
between statutes enacted by the 2023 Regular Session of the General Assembly.
HOUSE BILL No. 1043
A BILL FOR AN ACT to amend the Indiana Code concerning
commercial law.
Be it enacted by the General Assembly of the State of Indiana:
1 SECTION 1. IC 6-1.1-2-7, AS AMENDED BY P.L.234-2019,
2 SECTION 1, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
3 JULY 1, 2024]: Sec. 7. (a) As used in this section, "nonbusiness
4 personal property" means personal property that is not:
5 (1) held for sale in the ordinary course of a trade or business;
6 (2) held, used, or consumed in connection with the production of
7 income; or
8 (3) held as an investment.
9 (b) The following property is not subject to assessment and taxation
10 under this article:
11 (1) A commercial vessel that is subject to the net tonnage tax
12 imposed under IC 6-6-6.
13 (2) A vehicle that is subject to the vehicle excise tax imposed
14 under IC 6-6-5.
15 (3) A motorized boat or sailboat that is subject to the boat excise
16 tax imposed under IC 6-6-11.
17 (4) Property used by a cemetery (as defined in IC 23-14-33-7) if
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1 the cemetery:
2 (A) does not have a board of directors, board of trustees, or
3 other governing authority other than the state or a political
4 subdivision; and
5 (B) has had no business transaction during the preceding
6 calendar year.
7 (5) A commercial vehicle that is subject to the annual excise tax
8 imposed under IC 6-6-5.5.
9 (6) Inventory.
10 (7) A recreational vehicle or truck camper that is subject to the
11 annual excise tax imposed under IC 6-6-5.1.
12 (8) The following types of nonbusiness personal property:
13 (A) All-terrain vehicles.
14 (B) Snowmobiles.
15 (C) Rowboats, canoes, kayaks, and other human powered
16 boats.
17 (D) Invalid chairs.
18 (E) Yard and garden tractors.
19 (F) Trailers that are not subject to an excise tax under:
20 (i) IC 6-6-5;
21 (ii) IC 6-6-5.1; or
22 (iii) IC 6-6-5.5.
23 (9) For an assessment date after December 31, 2018, heavy rental
24 equipment (as defined in IC 6-6-15-2) that is rented or held for
25 rental or sale, the rental of which is or would be subject to the
26 heavy equipment rental excise tax provisions under IC 6-6-15;
27 provided, however, that a rentee that is exempt under
28 IC 6-6-15-4(a)(3) from such excise tax shall be subject to the
29 provisions of this article on such equipment.
30 (10) For an assessment date after December 31, 2024, specie
31 (as defined in IC 26-2-11-4) or specie legal tender (as defined
32 in IC 26-2-11-5).
33 SECTION 2. IC 6-2.5-5-47, AS AMENDED BY P.L.239-2017,
34 SECTION 9, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
35 JULY 1, 2024]: Sec. 47. (a) As used in this section, "legal tender"
36 includes specie legal tender (as defined in IC 26-2-11-5).
37 (b) Transactions involving the sale of or the lease or rental of
38 storage for:
39 (1) coins that are permitted investments by an individual
40 retirement account or by an individually-directed account under
41 26 U.S.C. 408(m);
42 (2) bullion that would be a permitted investment by an individual
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1 retirement account or by an individually-directed account under
2 26 U.S.C. 408(m) if the bullion was in the physical possession of
3 a trustee; or
4 (3) specie (as defined in IC 26-2-11-4); or
5 (3) (4) legal tender;
6 are exempt from the state gross retail tax.
7 (c) The exchange of one (1) type or form of legal tender for
8 another type or form of legal tender is exempt from the state gross
9 retail tax.
10 SECTION 3. IC 26-2-11 IS ADDED TO THE INDIANA CODE AS
11 A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE JULY
12 1, 2024]:
13 Chapter 11. Gold and Silver as Legal Tender
14 Sec. 1. As used in this chapter, "final nonappealable judgment"
15 means a final judgment with respect to which:
16 (1) the time for filing an appeal has expired;
17 (2) all appeals have been exhausted; or
18 (3) both subdivisions (1) and (2) apply.
19 Sec. 2. As used in this chapter, "gold or silver bullion" means
20 bars, ingots, or commemorative medallions of gold or silver.
21 Sec. 3. As used in this chapter, "legal tender" means a
22 recognized medium of exchange for the payment of debts and
23 taxes.
24 Sec. 4. As used in this chapter, "specie" means either of the
25 following:
26 (1) Coin having gold or silver content.
27 (2) Refined gold or silver bullion that is:
28 (A) coined, stamped, or imprinted with its weight and
29 purity; and
30 (B) valued primarily on its metal content and not its form.
31 Sec. 5. As used in this chapter, "specie legal tender" refers to
32 specie recognized as legal tender in Indiana under section 6 of this
33 chapter.
34 Sec. 6. The following specie are recognized as legal tender in
35 Indiana:
36 (1) Specie described in section 4(1) of this chapter that is
37 issued by the United States government at any time.
38 (2) Specie described in section 4(1) of this chapter that is
39 issued by a foreign government at any time.
40 (3) Any other specie that a United States court, in a final
41 nonappealable judgment, determines to be within state
42 authority to make or designate as legal tender under Article
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1 1, Section 10 of the Constitution of the United States.
2 Sec. 7. (a) Except as otherwise specifically provided by law or
3 contract, a person may not compel any other person to:
4 (1) tender specie; or
5 (2) accept specie;
6 as legal tender.
7 (b) In addition to any other available remedies, a prevailing
8 party in an action for breach of any contract provision that
9 specifically provides for a type or form of specie as tender,
10 regardless of whether the specie is recognized as legal tender under
11 section 6 of this chapter, is entitled to specific performance of the
12 contract provision.
2024 IN 1043—LS 6415/DI 101