MO HB1376

Repeals and replaces section 408.010 to declare gold and silver coins issued by the federal government are legal tender in Missouri, and no person can compel another to tender or accept such coins.

Establishes a nonrefundable tax credit equal to 5% of capital gains from exchanging federal gold and silver coins for other legal tender, effective for tax years beginning January 1, 2013 or later.

Exempts exchanges of federal gold and silver coins for other legal tender from Missouri sales and use taxes.

Directs the House Committee on Ways and Means to study establishing an alternative form of legal tender for payment of debts, taxes, and dues in Missouri and recommend whether legislation should be drafted.

Specifies that capital gains and losses are defined according to Section 1222 of the Internal Revenue Code of 1986 and prohibits carrying forward or back any tax credits under this section.