H.B. No. 481 Summary

• Requires the Treasurer of State to accept allocated bullion or specie (refined precious metals and U.S. coins) as payment for state debts, taxes, fees, and obligations.

• Mandates the state maintain bullion or specie reserves equal to at least 2% of all state funds in the treasury, subject to Chapter 135 depository requirements.

• Exempts capital gains from the sale or exchange of bullion or specie from Ohio state and school district income taxes for individuals and trusts.

• Authorizes the Treasurer to adopt rules governing acceptance procedures, electronic transfer of bullion/specie representations, and deposits with financial institutions.

• Defines "bullion" as refined gold or silver (minimum purity standards) and "specie" as U.S.-issued gold and silver coins; excludes unallocated bullion, specie, and derivatives from acceptance as payment.