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Bill > SB2058
OK SB2058
OK SB2058Gold and silver; recognizing as legal tender; establishing gold depository; exempting sale or exchange of species from taxable income. Effective date.
summary
Introduced
02/02/2026
02/02/2026
In Committee
02/03/2026
02/03/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
An Act relating to gold and silver; stating intent; defining terms; recognizing specie as legal tender; authorizing certain payments to be made with specie; requiring the State Treasurer to promulgate rules; requiring depository established to enter certain contract; requiring certain deposits be insured; prescribing requirements for deposits; requiring the State Treasurer to submit certain report; providing for the establishment of certain fees; prescribing allocation of fee revenue; requiring the State Treasurer to implement provisions within certain period; amending 68 O.S. 2021, Section 2358, as last amended by Section 155, Chapter 452, O.S.L. 2024 (68 O.S. Supp. 2025, Section 2358), which relates to adjustments; exempting the sale or exchange of gold and silver from taxable income; updating statutory language; updating statutory references; providing for noncodification; providing for codification; and providing an effective.
AI Summary
This bill recognizes gold and silver specie as legal tender in Oklahoma, allowing them to be used for private debts and state taxes or fees if all parties agree, though no one is required to accept them. It mandates the State Treasurer to establish rules for bullion depositories and electronic payment systems, ensuring these operations are secure, transparent, and insured, and that account holder privacy is protected, explicitly prohibiting their use for social credit scoring. Furthermore, the bill amends existing tax law to exempt the sale or exchange of gold and silver from taxable income, effective for tax years beginning in 2027 and thereafter. The act also includes provisions for the establishment of fees for depository services, with revenue allocated to the General Revenue Fund, and requires the State Treasurer to implement these provisions within one year of the act's effective date, which is November 1, 2026.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Second Reading referred to Revenue and Taxation Committee then to Appropriations Committee (on 02/03/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=sb2058&Session=2600 |
| Fiscal Note/Analysis - Senate: SB2058 INT FI | https://www.oklegislature.gov/cf_pdf/2025-26%20SUPPORT%20DOCUMENTS/impact%20statements/fiscal/Senate/SB2058%20INT%20FI.PDF |
| Fiscal Note/Analysis - Senate: Introduced | https://www.oklegislature.gov/cf_pdf/2025-26%20SUPPORT%20DOCUMENTS/BILLSUM/Senate/SB2058%20INT%20BILLSUM.PDF |
| BillText | https://www.oklegislature.gov/cf_pdf/2025-26%20INT/SB/SB2058%20INT.PDF |
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