Oklahoma House Votes to Legalize Gold and Silver as Money
Tuesday, April 22, 2014
Late last week, a bill to legalize gold and silver as legal tender was passed through the Oklahoma state house. The vote was 74-12.
Senate Bill 862 (SB862), was introduced by Sen. Clark Jolley and Rep. Gary Banz, with cosponsorship from Sen. Natham Dahm. It reads, in part:
Gold and silver coins issued by the United States government are legal tender in the State of Oklahoma. No person may compel another person to tender or accept gold or silver coins that are issued by the United States government, except as agreed upon by contract.
The bill also provides a state-level tax exemption to Oklahoma residents exchanging their precious metals for another medium of exchange:
For taxable years beginning on or after January 1, 2015, there shall be exempt from Oklahoma taxable income, or in the case of an individual, the Oklahoma adjusted gross income, any amount of net capital gains, as defined in 26 U.S.C.A., Section 1222 of the Internal Revenue Code and included in the federal income tax return, which result from the sale or exchange of gold or silver for another form of legal tender.
Oklahoma is now slated to become the second state to recognize gold and silver as legal tender authorized for payments of debts and taxes. Earlier this year, the Arizona senate also passed a similar bill by a vote of 18-12. But that bill has stalled in the state house.