SB 866 - This act creates new provisions of law relating to legal tender.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.
This provision is identical to a provision in the perfected SS/SCS/SB 100 (2023) and substantially similar to provisions in HB 1867 (2024) and HCS/HBs 1955 & 2257 (2024).
CENTRAL BANK DIGITAL CURRENCY (Sections 34.700 and 400.1-201)
This act creates new provisions relating to central bank digital currency. A central bank digital currency is defined as a digital currency, a digital medium of exchange, or a digital monetary unit of account issued by the United States Federal Reserve System, a federal agency, a foreign government, a foreign central bank, or a foreign reserve system, that is made directly available to a consumer by such entities. The term includes a digital currency, a digital medium of exchange, or a digital monetary unit of account issued by the United States Federal Reserve System, a federal agency, a foreign government, a foreign central bank, or a foreign reserve system, that is processed or validated directly by such entities.
The act prohibits public entities from accepting payments using any central bank digital currency. Furthermore, public entities are prohibited from participating in any test of central bank digital currency by any Federal Reserve branch.
The act also modifies the definition of "money" for purposes of the Uniform Commercial Code to exclude central bank digital currency from its meaning.
This provision is identical to certain provisions in HCS/SB 736 (2024), SB 826 (2024), certain provisions in SB 1352 (2024), and certain provisions in the perfected HB 2780 (2024).
INCOME TAXATION ON GOLD AND SILVER (Section 143.121)
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)
The act declares that gold and silver shall be accepted as legal tender at their spot price plus market premium and shall be receivable in payment of all debts, public and private, contracted for in the state of Missouri. 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.
Certain provisions of this act are identical to provisions the perfected SS/SCS/SB 735 (2024), the perfected SS/SCS/SB 835 (2024), HB 1867 (2024), HCS/HBs 1955 & 2257 (2024), and the perfected SS/SCS/SB 100 (2023).
This act contains a severability clause.
SCOTT SVAGERA