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SS/SCS/SB 100 - This act modifies and creates new provisions relating to legal tender. CUSTODY OF GOLD AND SILVER BY STATE TREASURER (Section 30.266) The act requires the State Treasurer to keep in the custody of the state treasury an amount of gold and silver greater than or equal to 1% of all state funds. INCOME TAXATION ON GOLD AND SILVER (Section 143.121) Current law exempts all purchases of bullion and investment coins from all state and local sales taxes. This act additionally exempts from state income tax the portion of capital gain on the sale or exchange of gold and silver that are otherwise included in the taxpayer's federal adjusted gross income. LEGAL TENDER (Sections 408.010 and 408.012) The act declares that gold and silver shall be accepted as legal tender at their spot price plus market premium and shall be receivable in payment of all debts, public and private, contracted for in the state of Missouri. Costs incurred in the course of verification of the weight and purity of any gold or silver during any such transaction shall be borne by the receiving entity. No person or entity shall be required to use gold or silver issued by the federal government in the payment of any debt. Nothing in this act shall prohibit the use of federal reserve notes in the payment of any debt. The act also prohibits public entities from requiring payment in the form of any digital currency, as defined in the act. Payment by means of cash, debit card, or credit card shall be accepted by all public entities. Payment in gold or silver coinage shall also be considered legal tender and shall be accepted by all public entities. This act contains a severability clause. SCOTT SVAGERA
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