Bill > HB1614

This bill establishes a comprehensive framework for recognizing and using gold and silver as legal tender in Indiana, with several key provisions. The legislation defines important terms like "bullion" (refined precious metal with uniform content and purity), "electronic currency" (digital representation of precious metals), and "specie" (bullion fabricated into currency-like products). It requires the state treasurer to designate one or more bullion depositories where Indiana consumers can securely store bullion and establish deposit accounts, and mandates that an administrator oversee these accounts and facilitate electronic currency transactions. The bill exempts bullion from property tax assessments starting in 2026 and provides tax exemptions for transactions involving legal tender exchanges. Importantly, while the bill recognizes specie legal tender and electronic currency as valid forms of payment for private debts, taxes, and fees, it also stipulates that no person can be compelled to tender or accept specie as legal tender unless specifically agreed to in a contract. The legislation also provides legal recourse for contract breaches involving specified forms of specie, allowing prevailing parties to seek specific performance. The treasurer is required to implement these provisions by December 31, 2026, and must submit progress reports to the general assembly, signaling a careful, phased approach to introducing these new financial mechanisms.

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https://iga.in.gov/legislative/2025/bills/house/1614/details