| 1 | 1 | | 88R10236 SRA-D |
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| 2 | 2 | | By: Parker S.B. No. 1558 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to the use of certain gold or silver bullion or specie as |
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| 8 | 8 | | legal tender and an exemption from sales and use taxes for certain |
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| 9 | 9 | | items containing certain precious metals. |
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| 10 | 10 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 11 | 11 | | SECTION 1. Subtitle A, Title 15, Business & Commerce Code, |
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| 12 | 12 | | is amended by adding Chapter 662 to read as follows: |
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| 13 | 13 | | CHAPTER 662. GOLD OR SILVER BULLION OR SPECIE AS LEGAL TENDER |
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| 14 | 14 | | Sec. 662.001. GOLD OR SILVER BULLION OR SPECIE AS LEGAL |
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| 15 | 15 | | TENDER. (a) In this section, "bullion" and "specie" have the |
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| 16 | 16 | | meanings assigned by Section 2116.001, Government Code. |
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| 17 | 17 | | (b) Specie issued by the United States is legal tender in |
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| 18 | 18 | | this state. |
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| 19 | 19 | | (c) Except as expressly provided by contract, a person may |
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| 20 | 20 | | not compel any other person to tender or accept specie. |
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| 21 | 21 | | (d) Gold or silver specie bullion or specie, other than gold |
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| 22 | 22 | | or silver specie that is issued by the United States, is considered |
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| 23 | 23 | | to be legal tender in this state if: |
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| 24 | 24 | | (1) a court of competent jurisdiction issues a final, |
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| 25 | 25 | | unappealable judgment or order stating that this state may |
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| 26 | 26 | | recognize the gold or silver bullion or specie other than gold or |
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| 27 | 27 | | silver specie issued by the United States as legal tender in this |
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| 28 | 28 | | state; or |
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| 29 | 29 | | (2) the United States Congress enacts legislation |
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| 30 | 30 | | that: |
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| 31 | 31 | | (A) expressly provides that the gold or silver |
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| 32 | 32 | | bullion or specie other than gold or silver specie that is issued by |
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| 33 | 33 | | the United States is legal tender in this state; or |
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| 34 | 34 | | (B) expressly allows this state to recognize the |
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| 35 | 35 | | gold or silver bullion or specie other than gold or silver specie |
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| 36 | 36 | | issued by the United States as legal tender in this state. |
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| 37 | 37 | | SECTION 2. Section 151.336, Tax Code, is amended to read as |
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| 38 | 38 | | follows: |
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| 39 | 39 | | Sec. 151.336. CERTAIN COINS AND OTHER ITEMS CONTAINING |
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| 40 | 40 | | PRECIOUS METALS. The sale of the following are exempted from the |
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| 41 | 41 | | taxes imposed by this chapter: |
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| 42 | 42 | | (1) gold, silver, or numismatic coins; |
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| 43 | 43 | | (2) [or of] platinum, gold, or silver bullion; and |
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| 44 | 44 | | (3) a note, leaf, foil, or film that: |
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| 45 | 45 | | (A) is used as currency; |
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| 46 | 46 | | (B) is not considered legal tender by this state, |
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| 47 | 47 | | another state, the United States, or a foreign country; and |
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| 48 | 48 | | (C) has a gold, silver, or platinum metallic |
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| 49 | 49 | | content of at least 50 percent, exclusive of any transparent |
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| 50 | 50 | | polymer holder, coating, or encasement [is exempted from the taxes |
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| 51 | 51 | | imposed by this chapter]. |
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| 52 | 52 | | SECTION 3. The change in law made by this Act to Section |
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| 53 | 53 | | 151.336, Tax Code, does not affect tax liability accruing before |
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| 54 | 54 | | the effective date of this Act. That liability continues in effect |
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| 55 | 55 | | as if this Act had not been enacted, and the former law is continued |
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| 56 | 56 | | in effect for the collection of taxes due and for civil and criminal |
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| 57 | 57 | | enforcement of the liability for those taxes. |
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| 58 | 58 | | SECTION 4. This Act takes effect September 1, 2023. |
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