Utah has become the first state to pass a law exempting gold and silver coins from the state's capital gains tax and requiring the state to recognize gold and silver coins as legal tender, the Deseret News reports. The governor signed the bill into law on March 25. The text of the bill is here. It also orders a study of "the possibility of establishing an alternative form of legal tender for the payment of debts, public charges, taxes, and dues within the state."
I learned of this via The American Principles Project, which notes, "Utah is the first state to move toward recognizing gold and silver as money. Ten other states have proposed similar bills, but none have been voted out of committee." The project goes on:
"The passage of this bill today sends a strong message to Washington that money needs to have a defined value," said Jeffrey Bell, Policy Director for American Principles in Action, who served as an issues adviser in Ronald Reagan's 1976 and 1980 presidential campaigns. "Utah's decision to endorse gold and silver as legal tender addresses the dysfunctional monetary policy at the federal level and fulfills the authority given to states in the Constitution." Mr. Bell testified as an expert witness before the House committee in Utah.
