HB 342 Summary

• Establishes gold and silver coin issued by the United States as legal tender in Idaho, declaring it is not property other than money.

• Exempts capital gains from the sale or exchange of specie legal tender for another form of legal tender from Idaho state income tax.

• Provides sales and use tax exemption for transactions involving the sale of specie legal tender or purchase of goods and services paid with specie legal tender.

• Requires sellers accepting specie legal tender to document the purchase price and tax due in both specie legal tender and the legal tender required for tax remittance, using the most recent London fixing price for conversion purposes.

• Section 3 (income tax provisions) effective retroactively to January 1, 2013; remaining provisions effective July 1, 2013.