HCSHBs433&630--REGULATINGTHETREATMENTANDUSEOFGOLDAND
SILVER
SPONSOR: Hardwick
COMMITTEEACTION:Voted"DoPasswithHCS"bytheStanding
CommitteeonGovernmentEfficiencybyavoteof14to4.
ThefollowingisasummaryoftheHouseCommitteeSubstituteforHB
433.
Thisbillrelatestothesolepurposeofregulatingthetreatment
anduseofgoldandsilver.
INCOMETAXATIONONGOLDANDSILVERSPECIE(Section143.121)
Currently,allpurchasesofbullionandinvestmentcoinsareexempt
fromallStateandlocalsalestaxes.Thisbilladditionally
exemptsfromStateincometaxtheportionofcapitalgainonthe
saleorexchangeofgoldandsilverspeciethatareotherwise
includedinthetaxpayer'sFederaladjustedgrossincome.
LEGALTENDER(Section408.010)
Thebillestablishesthe"Constitutional MoneyAct"anddeclares
that"specielegaltender"and"electroniccurrency",asthose
termsaredefinedinthebill,willbeacceptedaspaymentforall
publicdebtsandmaybereceivedaspaymentforallprivatedebts
contractedforinthestateofMissouri,atthediscretionofthe
receivingentity.
TheDirectoroftheDepartmentofRevenueisrequiredtopromulgate
rulesonthemethodsofacceptanceofspecielegaltenderas
paymentforanydebt,tax,fee,orobligationowed.Costsincurred
inthecourseofverificationoftheweightandpurityofany
specieduringanysuchtransactionwillbebornebythereceiving
entity.
Exceptasexpresslyprovidedbycontract,nopersonorentitywill
berequiredtousespecielegaltenderorelectroniccurrencyin
thepaymentofanydebtandnothinginthisbillwillprohibitthe
useofFederalreservenotesinthepaymentofanydebt.
ThebillpermitsanyentitydoingbusinessinthisStateto,upon
requestbyanemployee,compensateitsemployees,infullorin
part,inthedollarequivalentspecielegaltendereitherin
physicalorinelectronictransferform.Anyentitychoosingto
compensateitsemployeesinspecielegaltenderwillberesponsible forverifyingtheweightandpurityofanyphysicalspecielegal
tenderbeforecompensatingemployees.
UndernocircumstancewillthestateofMissourioranydepartment,
agency,court,politicalsubdivision,orinstrumentality thereof:
(1)Seizefromanypersonanyspecielegaltenderorelectronic
currencythatisownedbytheperson,exceptasotherwiseprovided
bylaw.Anypersonwhosespecielegaltenderorelectronic
currencyisseizedinviolationofthisprovisionwillhaveacause
ofactioninacourtofcompetentjurisdiction,withanysuccessful
suchactionresultingintheawardofattorney'sfees;
(2)EnforceorattempttoenforceanyFederalacts,laws,
executiveorders,administrative orders,rules,regulations,
statutes,orordinancesinfringingontherightofapersontokeep
andusespecielegaltenderandelectroniccurrencyasprovidedin
thebill;
(3)Restrictinanywaytheabilityofapersonorfinancial
institutiontoacquirespecielegaltenderandelectroniccurrency
orusespecielegaltenderandelectroniccurrencyintransactions;
or
(4)Enactanylawdiscriminating orfavoringonemeansoflegal
tenderinthecourseofatransactionoveranothermeansoflegal
tender.
ThisbillissimilartoSSSCSSB735(2024).
Thefollowingisasummaryofthepublictestimonyfromthe
committeehearing. Thetestimonywasbasedontheintroduced
versionofthebill.
PROPONENTS: Supporterssaythatgoldandsilverareprotections
frominflationandthatbeingabletotradeinthesecommoditiesin
aneasierfashionwillhelpMissourians. Concernwasexpressed
aboutdespoticempirescontrollingtheeconomyandwithoutcontrol
overyourmoneythegovernmentcantrackyouandcontrolyou.
Tradingingoldandsilverhasbeenlegalizedinseveralstates
withsuccessandthisbillwillgivepoliticalfreedomto
participateinoureconomicsystemfreely.
TestifyinginpersonforthebillwereRepresentative Hardwick;Ron
Calzone,MissouriFirst,Inc.;WalterHayes;ArnieC.Dienoff;and
GaryRidenhour.
OPPONENTS: Therewasnooppositionvoicedtothecommittee. Writtentestimonyhasbeensubmittedforthisbill.Thefull
writtentestimonyandwitnessestestifyingonlinecanbefound
underTestimonyonthebillpageontheHousewebsite.