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