Bill > SB25

This bill creates the "Constitutional Money Act" and makes significant changes to Missouri's tax code and legal tender regulations. On the tax side, the bill modifies how certain income and capital gains are calculated for state tax purposes, including adding a new provision that allows taxpayers to subtract 100% of capital gains from the sale or exchange of specie (gold and silver) starting in 2026. In the legal tender section, the bill establishes that gold and silver coins and electronic currency can be used as legal tender for both public and private debts in Missouri, with several important qualifications. The law allows entities to accept specie legal tender at their discretion, permits employers to pay employees in specie if requested, and prohibits state agencies from seizing or restricting the use of specie legal tender. The bill also defines several key terms related to precious metals and legal tender, and requires the Department of Revenue to create rules for accepting specie as payment. Notably, the law emphasizes that no one can be forced to use specie legal tender and that federal reserve notes remain acceptable for debt payment. The bill aims to provide more flexibility in monetary transactions and recognize gold and silver as legitimate forms of currency in Missouri.

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https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=490