Constitutional Tender

On Tuesday, Texas voters passed a state constitutional amendment that exempts precious metals stored in the Texas Bullion Depository from certain taxes. Passage... of the amendment takes another step toward the everyday use of gold and silver in financial transactions in the Lone Star State and undermines the Federal Reserve’s monopoly on money. The passage of Proposition 9 authorizes the Texas legislature to exempt from ad valorem taxation precious metal held in a precious metal depository located in this state. Ad valorem taxes are levied on personal property. Prop 9 passed by an 56-44 margin. 79% of counties were reporting at the time of publication. Passage of the amendment also enacts a bill signed into law during the last legislative session. Rep. Giovanni Capriglione (R-Keller) sponsored both the resolution that put the amendment language on the ballot and the enabling legislation. Under House Bill 2859 (HB2859), Precious metals are exempt from taxation if they are held in a commercial depository in this state. The House passed HB2859 by a 137-6 vote. The Senate passed the measure 27-4. With Gov. Greg Abbott’s signature back on June 5, the law went into effect upon approval of the constitutional amendment. Passage of Prop 9 takes another step forward in facilitating sound money in Texas. Abbot signed a law creating a state gold bullion and precious metal depository in the summer of 2015. The depository received its first deposits in the summer of 2018. https://blog.tenthamendmentcenter.com//texas-voters-appro/

Yesterday, a Kansas law went into effect exempting gold and silver bullion, and other precious metals, from the state sales tax. Enactment of this legislation e...liminates one barrier to using gold and silver in everyday transactions, a foundational step for people to undermine the Federal Reserve’s monopoly on money. Rep. Jim Kelly (R-Independence) introduced House Bill 2140 (HB2140) on Feb. 5. The new law exempts the sale of gold or silver coins and gold, silver, platinum, or palladium bullion from the state sales tax. Under the law, bullion means bars, ingots or commemorative medallions of gold, silver, platinum, palladium, or a combination thereof, for which the value of the metal depends on its content and not the form. The sales tax exemption on gold and silver was amended into a bill authorizing various county sales tax increases. It was the one positive provision in a bill otherwise unfriendly to Kansas taxpayers. With Gov. Kelly’s signature, the law went into effect July 1. https://blog.tenthamendmentcenter.com//now-in-effect-kans/

Last week, Kansas Gov. Laura Kelly signed a bill exempting gold and silver bullion, and other precious metals, from the state sales tax. Passage of this legisla...tion eliminates one barrier to using gold and silver in everyday transactions, a foundational step for people to undermine the Federal Reserve’s monopoly on money. Rep. Jim Kelly (R-Independence) introduced House Bill 2140 (HB2140) on Feb. 5. The new law exempts the sale of gold or silver coins and gold, silver, platinum, or palladium bullion from the state sales tax. Under the law, bullion means bars, ingots or commemorative medallions of gold, silver, platinum, palladium, or a combination thereof, for which the value of the metal depends on its content and not the form. The sales tax exemption on gold and silver was amended into a bill authorizing various county sales tax increases. It was the one positive provision in a bill otherwise unfriendly to Kansas taxpayers. With Gov. Kelly’s signature, the law will go into effect July 1. https://blog.tenthamendmentcenter.com//signed-as-law-kans/