Bill
Bill > SB581
OK SB581
OK SB581Gold and silver; authorizing employees to request payment in gold and silver; directing creation of Oklahoma Bullion Depository; exempting sale of gold and silver from income tax. Effective date.
summary
Introduced
02/03/2025
02/03/2025
In Committee
02/04/2025
02/04/2025
Crossed Over
Passed
Dead
Introduced Session
2025 Regular Session
Bill Summary
An Act relating to gold and silver; stating intent; authorizing state employees, private businesses, and individuals to negotiate and receive payments in gold and silver bullion; authorizing certain employees and vendors to elect to receive compensation in gold and silver bullion; prescribing value; providing exception; requiring deposit of certain payment in the Oklahoma Bullion Depository or institutions under certain agreement; requiring the State Treasurer to create the Oklahoma Bullion Depository; authorizing the State Treasurer to enter into certain agreement; authorizing implementation of fee structure for services; prescribing requirements for fee structure; providing for allocation and apportionment of revenues; amending 62 O.S. 2021, Section 89.2, which relates to investments of public funds; authorizing the investment in gold and silver; requiring committee approval; prescribing requirements for investments; requiring inclusion of certain information in certain weekly reports; amending 68 O.S. 2021, Section 2358, as last amended by Section 155, Chapter 452, O.S.L. 2024 (68 O.S. Supp. 2024, Section 2358), which relates to income tax adjustments; allowing deduction for gains related to the sale of gold and silver; updating statutory language; updating statutory references; providing for noncodification; providing for codification; and providing an effective date.
AI Summary
This bill provides a comprehensive framework for enabling gold and silver as alternative forms of payment and investment in Oklahoma. The legislation allows state employees, private businesses, and individuals to negotiate and receive compensation in gold and silver bullion, with individuals able to choose their payment method for each pay period. The State Treasurer is directed to create the Oklahoma Bullion Depository, which will facilitate gold and silver financial services, including establishing accounts, processing transactions, and generating state revenue through transaction fees. The bill amends existing state investment laws to allow the State Treasurer to invest in gold bullion, silver bullion, and related financial instruments, subject to legislative committee approval. Additionally, the legislation modifies income tax regulations to provide tax advantages for gold and silver transactions, specifically allowing a deduction for gains related to the sale of gold and silver starting in the 2026 tax year. The bill emphasizes constitutional principles, including states' rights to regulate financial operations and the Tenth Amendment, while creating a system that provides individuals and businesses with greater financial flexibility and potentially hedge against inflation or economic uncertainty.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Coauthored by Senator Bullard (on 02/05/2025)
Official Document
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