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Committee hears bill to recognize gold and silver as legal tender, exempt transactions from state tax rules
Summary
Senate Assessment and Taxation Committee members heard testimony on Senate Bill 39, the "Kansas Legal Tender Act," which would recognize certain gold and silver coins and refined bullion as legal tender in Kansas and remove state tax on ordinary specie transactions, with a carve‑out for retirement‑plan distributions.
Senate Assessment and Taxation Committee members heard testimony on Senate Bill 39, introduced as the "Kansas Legal Tender Act," which would recognize certain gold and silver coins and refined bullion as legal tender in Kansas and remove state taxation and characterization of such specie as personal property.
The bill, summarized by committee staff member Amelia, would define "specie" as coins having gold or silver content or refined gold or silver bullion that has been coined, stamped, or imprinted with weight and purity and “valued primarily based on its metal content and not on its form.” Amelia said the bill would also specify that the sale, purchase or exchange…
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