An encouraging victory for sound money has just taken place in West Virginia where they have now announced plans to remove taxation on precious metals as of July 1, 2019.
Louisiana, Utah, and Texas have passed legislation recognizing gold and silver as legal tender, a move that allows citizens to make transactions using precious metals in place of cash.
Joining seven other states that have either passed or introduced legislation in favor of the metals, Louisiana, Utah, and Texas are now taking further steps toward establishing regulatory depositories to hold gold and silver.
Now it’s up to the private sector to accept, re-introduce, and encourage the use of gold and silver as forms of payment. Once such transactions become commonplace, the ideal next step would be to enable citizens to use electronic payment systems, such as a debit card, to make transactions with the metals. Given enough time, these actions may eventually pave the way for other states to adopt gold and silver as legal tender, reinjecting sound money into the American economy.
Imagine a future where citizens can receive tax returns in the form of gold and silver. If these current developments in favor of sound money are any indication at all, they suggest that such a future is not only becoming favorable among some states, but also quite achievable for the entire nation.
Below is a list of US states that accept Gold and Silver as legal tender:
By a unanimous vote on March 8, the West Virginia Legislature approved Senate Bill 502, originally introduced by Sen. Craig Blaire (R-Martinsburg), which called for the exemption of taxation on sales of investment metal bullion and investment coins. On March 27, West Virginia Gov. Jim Justice signed the bill into law. The law went into effect on July 1, 2019.
In 2013, the Wyoming Legal Tender Act was defeated in a 5-4 vote. It was defeated again in 2015. The bill sought legal tender status for US-minted gold and silver coins.
Utah became the first state declaring US-minted gold and silver coins as legal tender. The Utah Legal Tender Act was passed on March 10, 2011, setting the stage for other states to pursue similar legislation.
Two bills declaring legal tender status for gold and silver coins were vetoed despite having passed the state legislature by a large margin. Governor Jan Brewer vetoed S.B.1439 in 2013, and Governor Doug Ducey vetoed a similar bill in 2015.
In 2013, the House Committee on Taxation passed a bill declaring both the legal tender and tax-exempt status of US-minted coins.
On June 4, 2014, Governor Mary Fallin signed into law Senate Bill 862, recognizing gold and silver US-minted coins as legal tender and exempt from state taxation.
In March of 2017, Sen. Bob Hall introduced SB2097, a bill aimed at establishing a legal tender status for gold and silver including protections from seizure by state authorities.
In 2013, Senate Bill 99 was introduced to declare US-minted gold and silver coins as legal tender and tax-exempt.
Senate Bill 98, an act that calls for an income tax deduction for capital gains from the exchange of gold and silver, is currently up for consideration. Similar acts failed—once in 2013, and twice in 2014.
H.B. 682 was passed with overwhelming support, making Louisiana the second state to eliminate sales tax for gold and silver currency and bullion. Introduced by Rep. Paul Hollis, H.B. 682 was signed into law by Governor Bobby Jindal.
We are waiting to see the outcome of Tennessee’s SB0350. This bill calls for the sales tax exemption of gold and silver coins.
The South Carolina House of Representatives passed a bill on April 11, 2013, declaring gold and silver legal tender.
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