| 1 | 1 | | By: Dorazio H.B. No. 4306 |
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| 2 | 2 | | |
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| 3 | 3 | | |
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| 4 | 4 | | A BILL TO BE ENTITLED |
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| 5 | 5 | | AN ACT |
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| 6 | 6 | | relating to a study by the attorney general on the feasibility of |
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| 7 | 7 | | linking debit card transactions to bullion in the Texas Bullion |
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| 8 | 8 | | Depository. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. DEFINITIONS. In this Act: |
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| 11 | 11 | | (1) "Bullion" has the meaning assigned by Section |
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| 12 | 12 | | 2116.001, Government Code. |
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| 13 | 13 | | (2) "Depository" means the Texas Bullion Depository |
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| 14 | 14 | | established under Chapter 2116, Government Code. |
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| 15 | 15 | | SECTION 2. STUDY. (a) The attorney general shall conduct a |
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| 16 | 16 | | study on the feasibility of a program that provides for debit cards |
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| 17 | 17 | | to be able to be used in transactions linked to and accounted for by |
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| 18 | 18 | | bullion in the depository. |
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| 19 | 19 | | (b) In conducting the study, the attorney general shall |
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| 20 | 20 | | examine: |
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| 21 | 21 | | (1) whether certain state and local taxes would apply |
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| 22 | 22 | | to transactions made through the program; |
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| 23 | 23 | | (2) how the state might protect participants in the |
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| 24 | 24 | | program from federal attempts to tax the bullion as currency; and |
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| 25 | 25 | | (3) any other legal considerations. |
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| 26 | 26 | | (c) The attorney general shall solicit and accept input from |
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| 27 | 27 | | the public in conducting the study. |
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| 28 | 28 | | (d) The attorney general may collaborate with the |
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| 29 | 29 | | appropriate standing committees of the house of representatives and |
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| 30 | 30 | | the senate in conducting the study. |
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| 31 | 31 | | SECTION 3. REPORT. Not later than May 31, 2024, the |
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| 32 | 32 | | attorney general shall submit to the governor, the comptroller, and |
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| 33 | 33 | | the speaker of the house of representatives a written report on the |
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| 34 | 34 | | study required under this Act that includes any legislative |
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| 35 | 35 | | recommendations based on the study. |
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| 36 | 36 | | SECTION 4. EXPIRATION. This Act expires June 1, 2024. |
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| 37 | 37 | | SECTION 5. EFFECTIVE DATE. This Act takes effect |
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| 38 | 38 | | immediately if it receives a vote of two-thirds of all the members |
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| 39 | 39 | | elected to each house, as provided by Section 39, Article III, Texas |
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| 40 | 40 | | Constitution. If this Act does not receive the vote necessary for |
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| 41 | 41 | | immediate effect, this Act takes effect September 1, 2023. |
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