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ID H0578
Bill
Status
2/21/2012
Primary Sponsor
State Affairs Committee
Click for details
AI Summary
HB 578 Summary
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Designates gold and silver coin (with at least 50% precious metal content) as legal tender in Idaho that may be used to satisfy debts and obligations under state law.
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Allows parties to contracts to mutually agree to accept gold or silver coin as payment, with courts required to specifically enforce such agreements at the agreed exchange rate.
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Permits debtors to tender U.S. gold or silver coin at face value to satisfy obligations denominated in "dollars" when the contract does not specify the type of currency required.
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Prohibits capital gains taxation on exchanges of gold and silver coin for other forms of U.S. legal tender and subjects state officials who attempt to assess such taxes to civil liability for damages and attorney's fees.
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Exempts tax payments made with gold or silver coin from capital gains tax, with the tax amount calculated using the London fixing price if the state tax commission directs payment in other legal tender.
Legislative Description
Adds to existing law relating to legal tender to establish provisions relating to the designation of certain legal tender and to establish provisions relating to the payment of certain taxes; to establish provisions relating to the prohibition of certain forms of taxation upon certain transactions and to provide for a civil suit and the awarding of certain costs; and to provide that any capital gain on the exchange of gold and silver coin for another form of United States legal tender shall not be included in taxable income.
LEGAL TENDER
Last Action
Filed in Office of the Chief Clerk
3/20/2012