LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 84TH LEGISLATIVE REGULAR SESSION April 15, 2015 TO: Honorable Kevin Eltife, Chair, Senate Committee on Business & Commerce FROM: Ursula Parks, Director, Legislative Budget Board IN RE:SB1245 by Burton (Relating to the use of certain coins and bullion as legal tender.), As Introduced Depending upon the volume of gold or silver coin and bullion that is used as legal tender, there could be an indeterminate cost to the Comptroller of Public Accounts to process this new form of payment. The bill would amend the Business & Commerce Code to add new Chapter 662 to Subtitle A, Title 15, to provide that gold and silver coin and bullion are legal tender in the state, to the extent allowable under the U.S. Constitution. Gold or silver coin or bullion could be used in the state for the payment of any private or public debt, but no one could be compelled to accept or tender such means of payment.The CPA assumes there could be a cost to the agency if this bill passes, but it cannot be determined at this time. The CPA would need to develop a process to assay, price, securely transport, and store the gold and silver coins and bullion that would be received for payment to the CPA and other agencies. The agency would also have to know each agency's plan for acceptance and the volume of gold to be expected as this will impact the cost to the agency. The bill would have immediate effect if it receives a vote of two-thirds of the membership of each house of the Legislature, otherwise it would take effect September 1, 2015. Local Government Impact No significant fiscal implication to units of local government is anticipated. Source Agencies:304 Comptroller of Public Accounts LBB Staff: UP, CL, SD, KK
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 84TH LEGISLATIVE REGULAR SESSION
April 15, 2015
TO: Honorable Kevin Eltife, Chair, Senate Committee on Business & Commerce FROM: Ursula Parks, Director, Legislative Budget Board IN RE:SB1245 by Burton (Relating to the use of certain coins and bullion as legal tender.), As Introduced
TO: Honorable Kevin Eltife, Chair, Senate Committee on Business & Commerce
FROM: Ursula Parks, Director, Legislative Budget Board
IN RE: SB1245 by Burton (Relating to the use of certain coins and bullion as legal tender.), As Introduced
Honorable Kevin Eltife, Chair, Senate Committee on Business & Commerce
Honorable Kevin Eltife, Chair, Senate Committee on Business & Commerce
Ursula Parks, Director, Legislative Budget Board
Ursula Parks, Director, Legislative Budget Board
SB1245 by Burton (Relating to the use of certain coins and bullion as legal tender.), As Introduced
SB1245 by Burton (Relating to the use of certain coins and bullion as legal tender.), As Introduced
Depending upon the volume of gold or silver coin and bullion that is used as legal tender, there could be an indeterminate cost to the Comptroller of Public Accounts to process this new form of payment.
Depending upon the volume of gold or silver coin and bullion that is used as legal tender, there could be an indeterminate cost to the Comptroller of Public Accounts to process this new form of payment.
The bill would amend the Business & Commerce Code to add new Chapter 662 to Subtitle A, Title 15, to provide that gold and silver coin and bullion are legal tender in the state, to the extent allowable under the U.S. Constitution. Gold or silver coin or bullion could be used in the state for the payment of any private or public debt, but no one could be compelled to accept or tender such means of payment.The CPA assumes there could be a cost to the agency if this bill passes, but it cannot be determined at this time. The CPA would need to develop a process to assay, price, securely transport, and store the gold and silver coins and bullion that would be received for payment to the CPA and other agencies. The agency would also have to know each agency's plan for acceptance and the volume of gold to be expected as this will impact the cost to the agency. The bill would have immediate effect if it receives a vote of two-thirds of the membership of each house of the Legislature, otherwise it would take effect September 1, 2015.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies: 304 Comptroller of Public Accounts
304 Comptroller of Public Accounts
LBB Staff: UP, CL, SD, KK
UP, CL, SD, KK