To the Governor: Idaho Passes Bill to Authorize State Gold and Silver Reserves tenthamendmentcenter.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tenthamendmentcenter.com Daily Mail and Mail on Sunday newspapers.
Under the proposed law, “any gold or silver coin or specie issued by any state or the United States government as legal tender shall be recognized as legal tender in the state of Louisiana.”
The legislation would create a sales and use tax exemption for precious metal bullion. The bill defines “precious metal bullion” as coins, bars, rounds, or sheets that contain at least 35 percent gold, silver, copper, platinum, or palladium.
Under the proposed law, the treasurer could invest up to 7.5 percent of the state's "idle moneys" in physical gold or silver. In effect, it would create a process for the state to hold reserves of gold and silver.