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Committee advances bill allowing vendors to request payment in gold via state account option
Summary
A third substitute to House Bill 306 would let state vendors request payment in precious metals (vendor receives gold while state transfers dollars into a technology-enabled account); the committee adopted a narrower third substitute that reduced the fiscal implication and recommended the measure.
A third substitute to House Bill 306, the Precious Metal Amendments, was adopted and favorably recommended by the Taxation Committee on Feb. 26.
Representative (sponsor) described the proposal as a narrow change allowing the state to create an additional account through which vendors who request payment in precious metals may receive payment in gold while the state transacts in dollars. The sponsor said the mechanism relies on available technology and only provides an alternate payout option where vendor service providers choose it.
State Treasurer Marlo Oaks was present and available to answer questions. The sponsor said the third substitute removed a prior $5 million fiscal note and that the adopted substitute was significantly narrower; staff flagged a fiscal effect of $196,000 for the adopted third substitute.
No substantive public opposition was recorded in committee testimony. After adopting the third substitute and brief public comment, the committee voted to recommend the third substitute favorably; the committee recorded a 3-0 vote in favor.
