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AL SB56
Bill
Status
2/7/2012
Primary Sponsor
Paul Sanford
Click for details
AI Summary
SB56 Summary
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Recognizes gold and silver coin issued by the federal government as legal tender in Alabama.
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Exempts the exchange of federally-issued gold and silver coin from state sales and use taxes.
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Prohibits any person from compelling another person to tender or accept federally-issued gold and silver coin.
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Provides a nonrefundable tax credit equal to 5 percent of capital gains from exchanges of federally-issued gold or silver coin for taxable years beginning January 1, 2012 and thereafter.
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Becomes effective January 1, 2012.
Legislative Description
Gold and silver coins issued by federal government, legal tender in Alabama, sales and use tax liability for exchange of coins exempted from state tax, Legal Tender Act
Taxation
Last Action
Indefinitely Postponed
5/9/2012