Bill Text: TX SB1558 | 2023-2024 | 88th Legislature | Introduced


Bill Title: Relating to the use of certain gold or silver bullion or specie as legal tender and an exemption from sales and use taxes for certain items containing certain precious metals.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2023-03-16 - Referred to Finance [SB1558 Detail]

Download: Texas-2023-SB1558-Introduced.html
  88R10236 SRA-D
 
  By: Parker S.B. No. 1558
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the use of certain gold or silver bullion or specie as
  legal tender and an exemption from sales and use taxes for certain
  items containing certain precious metals.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subtitle A, Title 15, Business & Commerce Code,
  is amended by adding Chapter 662 to read as follows:
  CHAPTER 662. GOLD OR SILVER BULLION OR SPECIE AS LEGAL TENDER
         Sec. 662.001.  GOLD OR SILVER BULLION OR SPECIE AS LEGAL
  TENDER. (a) In this section, "bullion" and "specie" have the
  meanings assigned by Section 2116.001, Government Code.
         (b)  Specie issued by the United States is legal tender in
  this state.
         (c)  Except as expressly provided by contract, a person may
  not compel any other person to tender or accept specie.
         (d)  Gold or silver specie bullion or specie, other than gold
  or silver specie that is issued by the United States, is considered
  to be legal tender in this state if:
               (1)  a court of competent jurisdiction issues a final,
  unappealable judgment or order stating that this state may
  recognize the gold or silver bullion or specie other than gold or
  silver specie issued by the United States as legal tender in this
  state; or
               (2)  the United States Congress enacts legislation
  that:
                     (A)  expressly provides that the gold or silver
  bullion or specie other than gold or silver specie that is issued by
  the United States is legal tender in this state; or
                     (B)  expressly allows this state to recognize the
  gold or silver bullion or specie other than gold or silver specie
  issued by the United States as legal tender in this state.
         SECTION 2.  Section 151.336, Tax Code, is amended to read as
  follows:
         Sec. 151.336.  CERTAIN COINS AND OTHER ITEMS CONTAINING
  PRECIOUS METALS. The sale of the following are exempted from the
  taxes imposed by this chapter:
               (1)  gold, silver, or numismatic coins;
               (2)  [or of] platinum, gold, or silver bullion; and
               (3)  a note, leaf, foil, or film that:
                     (A)  is used as currency;
                     (B)  is not considered legal tender by this state,
  another state, the United States, or a foreign country; and
                     (C)  has a gold, silver, or platinum metallic
  content of at least 50 percent, exclusive of any transparent
  polymer holder, coating, or encasement [is exempted from the taxes
  imposed by this chapter].
         SECTION 3.  The change in law made by this Act to Section
  151.336, Tax Code, does not affect tax liability accruing before
  the effective date of this Act. That liability continues in effect
  as if this Act had not been enacted, and the former law is continued
  in effect for the collection of taxes due and for civil and criminal
  enforcement of the liability for those taxes.
         SECTION 4.  This Act takes effect September 1, 2023.
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