Texas Leads the Way
To date, Tennessee is the only other state to have passed legislation calling for a depository similar to Texas’, and this was only a joint resolution expressing support for the idea. Other states, however — among them Idaho, Arizona and Louisiana — have passed or considered legislation to end state-level taxation on gold and silver coins and bars, and in some cases to treat them as another form of legal tender. These states primarily base their legislation on an interpretation of the U.S. Constitution’s Article I, Section 10, which states that “No State shall… make any Thing but gold and silver Coin a Tender in Payment of Debts.”
link to https://comptroller.texas.gov/economy/fiscal-notes/2017/september/bullion-depository.php
Utah has started the process of freeing gold and silver from bureaucratic shackles. – link to https://www.soundmoneydefense.org/gold-silver-laws-utah
According to 59-12-104 of the Utah Code, sales of currency or coins that constitute legal tender of a state, the United States, or a foreign nation are exempt from sales & use tax. Gold, silver, or platinum ingots, bars, medallions, and decorative coins are also exempt if (1), the item does not constitute legal tender of a state, the United states, or a foreign nation; and (2), the item has a gold, silver, or platinum content of 50% or more.
For more information on rolling back sales tax on constitutional money, click here.
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NOTES
VAN CLEVE, GEORGE WILLIAM. “The Anti-Federalists’ Toughest Challenge: Paper Money, Debt Relief, and the Ratification of the Constitution.” Journal of the Early Republic, vol. 34, no. 4, [University of Pennsylvania Press, Society for Historians of the Early American Republic], 2014, pp. 529–60, http://www.jstor.org/stable/24486660. – link to https://www.jstor.org/stable/24486660
