SB 713 – Exempts capital gains on gold and silver from income tax and authorizes the storage of gold and silver in private repositories

• Sponsor: Emery
• LR Number: 4819S.01I
• Committee: Financial and Governmental Organizations and Elections
• Last Action: 4/7/2014 - Hearing Conducted S Financial and Governmental Organizations and Elections Committee
• Effective Date: August 28, 2014

Current Bill Summary

SB 713 - This act creates an income tax deduction for the amount of capital gains income incurred by the resident from the exchange of gold or silver issued by the federal government. Such gold and silver held in an nonbank depository will not subject to disclosure except under warrant. The value of gold and silver held by a nonbank depository will be based on the London PM fix for that day. The act also repeals provisions making silver coins of the United States legal tender and limiting the amount that a payment may be made with silver coins.

This act is identical to HB 1174 (2014) and HB 421 (2013).

MIKE HAMMANN