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House members give favorable report to bill clarifying use of gold and silver as payment
Summary
Members gave a favorable report to SB 13 after staff explained the bill leaves valuation of gold and silver payments to payer and receiver and confirmed precious-metal ingots are included.
Presiding member opened a motion and the panel gave a favorable report to SB 13, a bill that clarifies how gold and silver may be used as payment and how their value is reported.
The measure spells out that the choice to accept gold or silver as payment is voluntary and that “the payer and the receiver” determine the value recorded, a staff member said. “That I can pay with gold or silver if the person is willing to accept that as currency and you can establish a value, then you would be able to, pay your service. Does not require anybody to accept it or pay in it. It just says that that's what it does,” the staff member said.
The clarification matters because it affects how private transactions are recorded. During discussion a commenter asked whether parties must use the stamped face value of collectible coins or may report the market value when accepting metal as payment. The commenter said, “Yes so we're not going off the face value of that stamped coin. Like a silver dollar would be worth $45 or $50 … and that would be between the person that is buying and then the one that is selling the merchandise that they would agree to a price. Correct?” The staff member replied, “That is correct, sir.”
The staff member also told the body that recipients should report the value they and the payer determine. “They would report whatever they determined the value was and whoever received it. So if you were saying it was worth, you know 2,500 then you would turn in on that title or sale receipt 2,500,” the staff member said. The staff member confirmed the language includes silver ingots and other items stamped with purity and weight.
After discussion, a motion to give SB 13 a favorable report was made and seconded; members responded by voice vote. The meeting record does not name the mover or seconder and the roll-call vote was not recorded in the transcript. The presiding member announced: “SB 13 is given a favorable report.”
The panel proceeded to the next item on the agenda.
