Bill > SB1838

This bill, titled "Specie; authorizing the payment of certain debts; authorizing deduction for gains derived from the sale of specie," aims to redefine and expand the use of gold and silver, referred to as "specie," within Oklahoma. It clarifies that specie, defined as gold or silver bullion in coin, bar, or round form valued by metal content, can be used for public and private debt payments, though no one can be compelled to accept it unless agreed upon by contract. Importantly, the bill prohibits any tax on the purchase, sale, or exchange of specie and excludes it from being considered personal property for taxation purposes. Furthermore, it mandates that the State Treasurer develop a plan to hold at least ten percent of the state's fund balances in gold and silver legal tender and allow taxpayers to pay ad valorem taxes using gold and silver legal tender. The bill also introduces a provision allowing for a deduction from taxable income for gains derived from the sale or exchange of specie, starting from tax year 2027.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1838&Session=2600