Bill > SB39

This bill establishes the Kansas Legal Tender Act, which reaffirms gold and silver coins (known as "specie") as legal tender within the state and provides specific tax treatment for such currency. The bill defines "specie" as coins with gold or silver content or refined gold/silver bullion stamped with its weight and purity, and clarifies that specie legal tender includes coins issued by the U.S. government or other specie legally designated by a court. The legislation prevents specie from being classified as personal property for tax purposes, ensures that exchanges of legal tender do not trigger tax liabilities, and allows specie to be transacted through physical or electronic means. While no one can be compelled to accept specie as tender, the bill requires Kansas courts to enforce contracts specifying specie as payment. Additionally, the bill modifies the state income tax code to create a subtraction modification for net gains from the sale of specie, meaning individuals would not have to pay state income tax on profits from selling gold or silver coins, with an exception for sales from retirement accounts. The attorney general is tasked with enforcing the act, and the provisions will take effect upon publication in the statute book.

Budget and Finance, Business and Industry

Federal and State Affairs (S)

https://kslegislature.gov/li/b2025_26/measures/sb39/