SALT LAKE CITY, Utah (May 3, 2024) – On Wednesday, a Utah law creating a process for the state to invest in and hold precious metals in reserve accounts went into effect. This sets a foundation for the Beehive State to achieve more financial independence and take a small step toward undermining the Federal Reserve’s
The passage of SB297 would take another step by effectively repealing the state capital gains tax on the exchange of gold and silver. Under the proposed law, individuals selling gold or silver bullion, or utilizing gold and silver in a transaction, could deduct any net capital gain derived from the exchange from their income for state income tax purposes.
Under the proposed law, “any gold or silver coin, specie or bullion issued by any state or the United States government as legal tender shall be recognized as legal tender in the state of Louisiana.” On April 29, the House Committee on Commerce passed SB232 by a 12-3 vote with some technical amendments. The Senate previously passed the bill by a 39-0 vote.
Under the proposed law, gold and silver would be accepted as legal tender and would be receivable in payment of all debts contracted for in the state of Missouri. The state would be required to accept gold and silver for the payment of public debts. Private debts could be settled in gold and silver at the parties’ discretion.