Bill > SB162

This bill modifies Alaska state law to address the treatment of specie (gold or silver coins or bullion) as legal tender and exempts specie transactions from sales and use taxes. Specifically, the bill adds a new section to state law defining legal tender, which includes specie issued by the federal government, recognized foreign governments, or potentially the state government under certain conditions. The bill prohibits boroughs and cities from levying sales or use taxes on the sale or exchange of specie, applying to both home rule and general law municipalities. The definition of specie is detailed as gold or silver valued primarily by metal content, in the form of coins or bullion stamped with weight and purity. Importantly, the bill clarifies that while specie is recognized as a potential form of legal tender, individuals are not required to accept gold or silver specie as payment. The bill also mandates that the Legislative Budget and Audit Committee study the possibility of establishing additional forms of legal tender and prepare potential legislation if such alternative forms are deemed practical and beneficial.

Government Affairs

https://www.akleg.gov/basis/Bill/Detail/34?Root=SB162