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MO SB713
Bill
AI Summary
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Adds a deduction for capital gains income from the exchange of gold or silver to Missouri taxable income calculations under section 143.111.
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Repeals outdated language declaring silver coins legal tender and replaces it with provisions authorizing private storage firms ("nonbank depositories") to hold federally-issued gold and silver.
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Requires nonbank depositories to obtain written authority from depositors for all transactions and establishes the London PM fix as the method for valuing gold and silver.
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Protects the extent and composition of persons' monetary holdings from disclosure, search, or seizure except through lawful warrant with probable cause, issued by a judicial officer and executed by the county sheriff.
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Subjects nonbank depositories to rules and regulations set by the secretary of state under chapter 536, with nonseverability provisions making the rulemaking authority void if any related constitutional powers are invalidated.
Legislative Description
Exempts capital gains on gold and silver from income tax and authorizes the storage of gold and silver in private repositories
Last Action
Hearing Conducted S Financial and Governmental Organizations and Elections Committee
4/7/2014