Bill > HB2088

This bill establishes a comprehensive framework for legal tender in Arizona, defining legal tender to include traditional U.S. currency, specie coins (gold and silver coins) with specific purity standards, and refined bullion. The bill prohibits compulsory use of any specific form of legal tender while promoting voluntary adoption through education and incentives. It provides significant tax protections for transactions involving specie, including exempting exchanges of legal tender from state taxation and preventing seizure of specie except in cases of proven criminal activity. The legislation requires the state treasurer to develop guidelines for valuing and converting specie, and empowers the attorney general to enforce these provisions. Additionally, the bill updates multiple sections of Arizona's tax code to reference the new legal tender definitions, ensuring consistency across state statutes. The bill aims to protect citizens' ability to use alternative forms of currency and treat precious metals as a hedge against inflation, with the attorney general authorized to intervene in legal actions to preserve the state's monetary authority. Interestingly, the bill is playfully named the "Ron Swanson Act," likely referencing the fictional libertarian character from the television show Parks and Recreation who is known for his strong beliefs in limited government and appreciation for gold and silver.

Business and Industry

https://apps.azleg.gov/BillStatus/BillOverview/83704