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Work group reviews options to accept taxes, bonds or severance payments in precious metals
Summary
Participants briefly discussed a draft (bill 3) allowing payment of taxes, surety bonds or severance taxes in precious metals, including options for physical delivery or electronic settlement. Industry representatives requested explicit standards for assaying and treatment of physical bullion.
Bill 3 would permit certain state payments and receipts (taxes, performance bonds, sureties) to be made in precious metals either electronically through an authorized platform or, in some cases, via physical bullion. An industry representative (S12) urged including both electronic and physical delivery options so mining companies and producers could choose the mechanism that fits their operations.
Speakers discussed standards for assaying and provenance (LBMA/assay standards) to preserve chain‑of‑custody if bullion enters a public settlement stream. The group also discussed potential incentives (for example, tax treatment or severance‑tax credits) to encourage in‑kind deliveries, and asked staff to refine statutory language and operational requirements for further review.
