Bill > SB284

This bill modifies Oklahoma state law regarding the use and treatment of specie (gold and silver coins or bullion) in financial transactions. The bill defines "legal tender" and "specie" with specific technical details, and authorizes gold and silver bullion issued by the United States government to be considered legal tender in the state. The legislation allows silver specie to be used for private debt payments and explicitly prohibits compelling anyone to accept specie for payment except by mutual agreement. Notably, the bill provides tax-related benefits by stating that purchasing, selling, or exchanging specie will not generate tax liability, and specie will not be characterized as personal property for taxation purposes. Additionally, the bill requires the State Treasurer to develop a plan to store at least 10% of the state's fund balances in gold and silver legal tender and to create a mechanism for taxpayers to pay ad valorem taxes using gold and silver legal tender. The bill also makes related amendments to state tax code provisions, including allowing a tax deduction for gains derived from the sale of specie starting in the 2026 tax year, thereby providing additional financial incentives for holding and trading precious metal currencies.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb284&Session=2600