89R1075 MLH-D
By: Dorazio H.B. No. 1054
A BILL TO BE ENTITLED
AN ACT
relating to a study by the attorney general on the feasibility of
linking debit card transactions to bullion in the Texas Bullion
Depository.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. DEFINITIONS. In this Act:
(1) "Bullion" has the meaning assigned by Section
2116.001, Government Code.
(2) "Depository" means the Texas Bullion Depository
established under Chapter 2116, Government Code.
SECTION 2. STUDY. (a) The attorney general shall conduct a
study on the feasibility of a program that provides for debit cards
to be able to be used in transactions linked to and accounted for by
bullion in the depository.
(b) In conducting the study, the attorney general shall
examine:
(1) whether certain state and local taxes would apply
to transactions made through the program;
(2) how the state might protect participants in the
program from federal attempts to tax the bullion as currency; and
(3) any other legal considerations.
(c) The attorney general shall solicit and accept input from
the public in conducting the study.
(d) The attorney general may collaborate with the
appropriate standing committees of the house of representatives and
the senate in conducting the study.
SECTION 3. REPORT. Not later than May 31, 2026, the
attorney general shall submit to the governor, the comptroller, and
the speaker of the house of representatives a written report on the
study required under this Act that includes any legislative
recommendations based on the study.
SECTION 4. EXPIRATION. This Act expires June 1, 2026.
SECTION 5. EFFECTIVE DATE. This Act takes effect
immediately if it receives a vote of two-thirds of all the members
elected to each house, as provided by Section 39, Article III, Texas
Constitution. If this Act does not receive the vote necessary for
immediate effect, this Act takes effect September 1, 2025.