HB 5604
To recognize bullion as legal tender
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill, known as the Transactional Gold and Silver Act, proposes to recognize bullion (gold and silver in specific forms) as legal tender in West Virginia. It establishes a framework for using bullion in transactions, defines key terms like ‘bullion’ and ‘account holder,’ and outlines the Treasurer’s role in overseeing a system involving bullion depositories and electronic payment systems. The bill also includes provisions for rulemaking and aims to exempt certain transactions from state tax liability.
Key provisions
- Recognizes bullion (gold and silver in specific forms) as legal tender.
- Defines key terms related to bullion transactions, including ‘bullion depository’ and ‘electronic payment system.’
- Establishes the Treasurer’s authority to operate a bullion depository and contract with electronic payment system providers.
- Requires the Treasurer to propose rules for implementing the act.
- Sets a July 1, 2027, implementation date.
- Mandates annual reporting to the Joint Committee on Government and Finance regarding the system’s operation and impact.
- Includes provisions for tax exemptions related to bullion transactions.
- Specifies requirements for bullion depositories, including security, transparency, and accessibility.
Who is affected
- Individuals and businesses in West Virginia
- Bullion depository operators
- Electronic payment system vendors
- The Treasurer of West Virginia
- Taxpayers in West Virginia
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