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Kansas committee hears SB 39 legal-tender bill as supporters tout tax relief and opponents warn of new regulatory reach
Summary
Supporters told the Committee on Financial Institutions and Pensions that SB 39 would restore legal-tender status to gold and silver and remove the state capital-gains tax on transactional specie; opponents said a Senate amendment could unintentionally subject small coin dealers and retailers to the Kansas Money Transmission Act.
The Committee on Financial Institutions and Pensions heard testimony on SB 39, the "Kansas Legal Tender Act," which would recognize certain gold and silver specie as legal tender in the state and remove the state capital-gains tax on exchanges of that specie if the bill is adopted.
Jason Thompson of the Office of Reviser of Statutes told the committee that the bill "creates the Kansas Legal Tender Act" and defines "legal tender" and "specie," specifying that specie "shall not be characterized as personal property for taxation or regulatory purposes," a change Thompson said would have tax implications and would take effect July 1 if passed.
Senator Mike Murphy, a sponsor of the measure, said SB 39 would eliminate the state portion of capital-gains tax on gold and silver when used as money and argued the change would help families preserve purchasing power amid…
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