SB 100
Creates and modifies provisions relating to gold and silver
Sponsor:
LR Number:
0466H.12C
Last Action:
5/12/2023 - H Informal Calendar Senate Bills for Third Reading w/HCS
Journal Page:
Title:
HCS SS SCS SB 100
Effective Date:
August 28, 2023
House Handler:

Current Bill Summary

HCS/SS/SCS/SB 100 - This act modifies and creates new provisions relating to mediums of exchange.

CUSTODY OF GOLD AND SILVER BY STATE TREASURER (Section 30.266)

The act requires the State Treasurer to keep in the custody of the state treasury an amount of gold and silver greater than or equal to 1% of all state funds.

TAXATION OF MEDIUMS OF EXCHANGE (Sections 137.100 and 143.121)

The act exempts virtual currencies, as defined in the act, from taxation for state, county, or local purposes. This provision is identical to a provision in SB 692 (2023) and HB 764 (2023).

Current law exempts all purchases of bullion and investment coins from all state and local sales taxes. This act additionally exempts from state income tax the portion of capital gain on the sale or exchange of gold and silver that are otherwise included in the taxpayer's federal adjusted gross income.

LEGAL TENDER (Sections 408.010 and 408.012)

The act declares that the state of Missouri shall accept gold and silver as legal tender, at spot price plus market premium, for payment of any debt, tax, fee, or obligation owed. Costs incurred in the course of verification of the weight and purity of any gold or silver during any such transaction shall be borne by the receiving entity. No person or entity shall be required to use gold or silver issued by the federal government in the payment of any debt. Nothing in this act shall prohibit the use of federal reserve notes in the payment of any debt.

The act also prohibits the state of Missouri from requiring payment in the form of any digital currency, as defined in the act.

DIGITAL MINING (Section 408.900)

This act creates new provisions relating to digital mining. Specifically, the act permits any person to run a node or a series of nodes in this state for the purpose of home digital asset mining at the person's private residence. A person or entity may have a digital asset mining business in any area in this state that is zoned for industrial use. Furthermore, any person engaged in home digital asset mining or digital asset mining business shall not be considered a money transmitter.

A political subdivision shall not:

· Limit the sound decibels generated from home digital asset mining other than limits set for sound pollution generally;

· Impose any requirements on a digital asset mining business that is not also a requirement for data centers in such political subdivision; or

· Rezone the area in which a digital asset mining business is located without complying with applicable state and local zoning laws or rezone any area with the intent or effect of discriminating against any digital asset mining business.

A digital asset mining business is entitled to appeal any change in zoning pursuant to any applicable state or local zoning laws.

The public service commission shall not establish a rate schedule for digital asset mining that creates discriminatory rates for digital asset mining businesses.

This provision is substantially similar to SB 536 (2023) and provisions in HCS/SB 47 (2023).

This act contains a severability clause.

This act is substantially similar to HB 1375 (2023) and similar to HB 718 (2023).

SCOTT SVAGERA