Bill Text: TX HB4306 | 2023-2024 | 88th Legislature | Engrossed


Bill Title: Relating to a study by the attorney general on the feasibility of linking debit card transactions to bullion in the Texas Bullion Depository.

Spectrum: Slight Partisan Bill (Republican 28-12)

Status: (Engrossed - Dead) 2023-05-15 - Received from the House [HB4306 Detail]

Download: Texas-2023-HB4306-Engrossed.html
 
 
  By: Dorazio H.B. No. 4306
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to a study by the attorney general on the feasibility of
  linking debit card transactions to bullion in the Texas Bullion
  Depository.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  DEFINITIONS. In this Act:
               (1)  "Bullion" has the meaning assigned by Section
  2116.001, Government Code.
               (2)  "Depository" means the Texas Bullion Depository
  established under Chapter 2116, Government Code.
         SECTION 2.  STUDY.  (a)  The attorney general shall conduct a
  study on the feasibility of a program that provides for debit cards
  to be able to be used in transactions linked to and accounted for by
  bullion in the depository.
         (b)  In conducting the study, the attorney general shall
  examine:
               (1)  whether certain state and local taxes would apply
  to transactions made through the program;
               (2)  how the state might protect participants in the
  program from federal attempts to tax the bullion as currency; and
               (3)  any other legal considerations.
         (c)  The attorney general shall solicit and accept input from
  the public in conducting the study.
         (d)  The attorney general may collaborate with the
  appropriate standing committees of the house of representatives and
  the senate in conducting the study.
         SECTION 3.  REPORT. Not later than May 31, 2024, the
  attorney general shall submit to the governor, the comptroller, and
  the speaker of the house of representatives a written report on the
  study required under this Act that includes any legislative
  recommendations based on the study.
         SECTION 4.  EXPIRATION. This Act expires June 1, 2024.
         SECTION 5.  EFFECTIVE DATE.  This Act takes effect
  immediately if it receives a vote of two-thirds of all the members
  elected to each house, as provided by Section 39, Article III, Texas
  Constitution.  If this Act does not receive the vote necessary for
  immediate effect, this Act takes effect September 1, 2023.
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