IN HB1227

Gold and silver specie recognized as legal tender in Indiana for paying private debts, taxes, and government fees, though no person can be compelled to accept or tender specie unless specified in a contract

Treasurer of state required to designate one or more bullion depositories by December 31, 2027, and engage an electronic payment system for consumers to buy, sell, save, or spend bullion through depository accounts

Designated bullion depositories qualify as state depositories eligible to receive public funds from the state or political subdivisions, with the treasurer authorized to deposit a portion of state funds in bullion form

Bullion exempt from Indiana property tax assessment and taxation after December 31, 2026; purchase, sale, or exchange of specie and exchanges between forms of legal tender exempt from state gross retail tax

Annual independent third-party audits required for designated depositories to verify bullion amounts and security measures, with treasurer submitting annual reports to the General Assembly by November 1