Oklahoma Senate Bill 581 Summary

• Authorizes state employees, private businesses, and individuals to negotiate and receive payments in gold and silver bullion at prevailing global market rates, with employees able to change their election each pay period and vendors binding their election for entire transactions.

• Creates the Oklahoma Bullion Depository under the State Treasurer with authority to enter agreements with banks and credit unions to provide checking, savings, debit card, and investment accounts denominated in gold and silver with transaction fees capped at 4% for nonresidents and 2% for residents.

• Allows state investment of public funds in gold and silver bullion and gold/silver-backed financial instruments through federally approved exchanges upon Joint Committee on Appropriations and Budget approval, with all holdings deposited in the Oklahoma Bullion Depository.

• Exempts gains from the sale or exchange of gold and silver from Oklahoma income tax deductions beginning in tax year 2026, treating these metals as legal tender for tax purposes.

• Becomes effective January 1, 2026.