SCS/HCS/HB 1637 - This act creates an income tax deduction and changes the laws regarding legal tender.MISSOURI INCOME TAX DEDUCTION
(Section 143.111)
This act creates a deduction from an individual taxpayer's Missouri adjusted gross income for capital gains income from the exchange of gold or silver for another form of legal tender.
LEGAL TENDER
(Section 408.010)
This act declares that gold and silver issued by the United States government is legal tender in Missouri. The act exempts any exchange of gold and silver coins for another form of legal tender from state and local sales and use taxes and individual and corporate state income taxes. The act prohibits the government from compelling a person to make payments in any particular form of legal tender, except for payments of governmentally assessed taxes, fees, duties, imposts, dues, penalties, or sanctions. The act prohibits exchanging gold and silver for legal tender that is more than eighty percent of the value.
This provision is similar to a provision of HCS/SB 726 (2012).
EMILY KALMER