summary
Introduced
01/10/2025
01/10/2025
In Committee
01/10/2025
01/10/2025
Crossed Over
Passed
Dead
02/04/2025
02/04/2025
Introduced Session
2025 Regular Session
Bill Summary
An Act To Define The Terms Legal Tender And Specie; To Authorize Gold And Silver Coin As Legal Tender; To Prohibit Specie Or Legal Tender From Being Characterized As Personal Property For Taxation Or Regulatory Purposes; To Provide That The Exchange Of One Type Or Form Of Legal Tender For Another Type Or Form Of Legal Tender Shall Not Give Rise To Any Tax Liability; To Provide That The Purchase, Sale, Or Exchange Of Any Type Or Form Of Specie Shall Not Give Rise To Any Tax Liability; To Prohibit A Person From Compelling Another Person To Tender Specie Or To Accept Specie As Legal Tender; To Require The Attorney General's Office To Enforce This Act Without Prejudice To A Private Right Of Action; To Provide That Specie May Be Recognized To Pay Debts; To Bring Forward Section 75-1-201, Mississippi Code Of 1972, Which Relates To General Definitions Of The Uniform Commercial Code, For Purposes Of Possible Amendment; To Bring Forward Section 75-15-3, Mississippi Code Of 1972, Which Relates To The Mississippi Money Transmitters Act, For Purposes Of Possible Amendment; To Bring Forward Section 89-12-3, Mississippi Code Of 1972, Which Relates To The Uniform Disposition Of Unclaimed Property Act, For Purposes Of Possible Amendment; And For Related Purposes.
AI Summary
This bill establishes legal definitions and provisions for gold and silver as legal tender in Mississippi, defining "legal tender" as a recognized medium of exchange for paying debts and taxes, and "specie" as coins or bullion with gold or silver content. The bill specifies that specie can include coins issued by the U.S. government or other specie authorized by a Mississippi court, and crucially, declares that specie or legal tender shall not be characterized as personal property for taxation or regulatory purposes. The legislation ensures that exchanging different types of legal tender or purchasing, selling, or exchanging specie will not trigger tax liabilities. While individuals cannot be compelled to use specie as tender, the bill allows for contracts that specifically designate a type of specie as payment, and in such cases, courts would require specific performance of that tender. The Attorney General's office is tasked with enforcing these provisions, and the bill brings forward several existing sections of Mississippi Code for potential future amendment. The provisions are designed to provide legal recognition and protection for gold and silver as alternative forms of currency, with the act set to take effect on July 1, 2025.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Died In Committee (on 02/04/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB0394.xml |
| BillText | https://billstatus.ls.state.ms.us/documents/2025/html/HB/0300-0399/HB0394IN.htm |
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