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A BILL TO BE ENTITLED
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AN ACT
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relating to the use of certain gold or silver bullion or specie as |
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legal tender and an exemption from sales and use taxes for certain |
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items containing certain precious metals. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subtitle A, Title 15, Business & Commerce Code, |
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is amended by adding Chapter 662 to read as follows: |
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CHAPTER 662. GOLD OR SILVER BULLION OR SPECIE AS LEGAL TENDER |
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Sec. 662.001. GOLD OR SILVER BULLION OR SPECIE AS LEGAL |
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TENDER. (a) In this section, "bullion" and "specie" have the |
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meanings assigned by Section 2116.001, Government Code. |
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(b) Specie issued by the United States is legal tender in |
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this state. |
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(c) Except as expressly provided by contract, a person may |
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not compel any other person to tender or accept specie. |
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(d) Gold or silver specie bullion or specie, other than gold |
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or silver specie that is issued by the United States, is considered |
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to be legal tender in this state if: |
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(1) a court of competent jurisdiction issues a final, |
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unappealable judgment or order stating that this state may |
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recognize the gold or silver bullion or specie other than gold or |
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silver specie issued by the United States as legal tender in this |
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state; or |
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(2) the United States Congress enacts legislation |
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that: |
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(A) expressly provides that the gold or silver |
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bullion or specie other than gold or silver specie that is issued by |
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the United States is legal tender in this state; or |
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(B) expressly allows this state to recognize the |
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gold or silver bullion or specie other than gold or silver specie |
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issued by the United States as legal tender in this state. |
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SECTION 2. Section 151.336, Tax Code, is amended to read as |
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follows: |
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Sec. 151.336. CERTAIN COINS AND OTHER ITEMS CONTAINING |
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PRECIOUS METALS. The sale of the following are exempted from the |
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taxes imposed by this chapter: |
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(1) gold, silver, or numismatic coins; |
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(2) [or of] platinum, gold, or silver bullion; and |
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(3) a note, leaf, foil, or film that: |
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(A) is used as currency; |
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(B) is not considered legal tender by this state, |
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another state, the United States, or a foreign country; and |
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(C) has a gold, silver, or platinum metallic |
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content of at least 50 percent, exclusive of any transparent |
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polymer holder, coating, or encasement [is exempted from the taxes |
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imposed by this chapter]. |
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SECTION 3. The change in law made by this Act to Section |
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151.336, Tax Code, does not affect tax liability accruing before |
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the effective date of this Act. That liability continues in effect |
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as if this Act had not been enacted, and the former law is continued |
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in effect for the collection of taxes due and for civil and criminal |
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enforcement of the liability for those taxes. |
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SECTION 4. This Act takes effect September 1, 2023. |