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A BILL TO BE ENTITLED
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AN ACT
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relating to a study by the attorney general on the feasibility of |
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linking debit card transactions to bullion in the Texas Bullion |
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Depository. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. DEFINITIONS. In this Act: |
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(1) "Bullion" has the meaning assigned by Section |
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2116.001, Government Code. |
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(2) "Depository" means the Texas Bullion Depository |
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established under Chapter 2116, Government Code. |
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SECTION 2. STUDY. (a) The attorney general shall conduct a |
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study on the feasibility of a program that provides for debit cards |
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to be able to be used in transactions linked to and accounted for by |
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bullion in the depository. |
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(b) In conducting the study, the attorney general shall |
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examine: |
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(1) whether certain state and local taxes would apply |
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to transactions made through the program; |
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(2) how the state might protect participants in the |
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program from federal attempts to tax the bullion as currency; and |
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(3) any other legal considerations. |
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(c) The attorney general shall solicit and accept input from |
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the public in conducting the study. |
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(d) The attorney general may collaborate with the |
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appropriate standing committees of the house of representatives and |
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the senate in conducting the study. |
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SECTION 3. REPORT. Not later than May 31, 2024, the |
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attorney general shall submit to the governor, the comptroller, and |
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the speaker of the house of representatives a written report on the |
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study required under this Act that includes any legislative |
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recommendations based on the study. |
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SECTION 4. EXPIRATION. This Act expires June 1, 2024. |
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SECTION 5. EFFECTIVE DATE. This Act takes effect |
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immediately if it receives a vote of two-thirds of all the members |
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elected to each house, as provided by Section 39, Article III, Texas |
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Constitution. If this Act does not receive the vote necessary for |
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immediate effect, this Act takes effect September 1, 2023. |