SECOND REGULAR SESSION

HOUSE BILL NO. 1376

96TH GENERAL ASSEMBLY


 

 

INTRODUCED BY REPRESENTATIVES CAUTHORN (Sponsor), McGHEE AND FUNDERBURK (Co-sponsors).

4084L.01I                                                                                                                                                  D. ADAM CRUMBLISS, Chief Clerk


 

AN ACT

To repeal section 408.010, RSMo, and to enact in lieu thereof one new section relating to legal tender.




Be it enacted by the General Assembly of the state of Missouri, as follows:


            Section A. Section 408.010, RSMo, is repealed and one new section enacted in lieu thereof, to be known as section 408.010, to read as follows:

            408.010. [The silver coins of the United States are hereby declared a legal tender, at their par value, fixed by the laws of the United States, and shall be receivable in payment of all debts, public or private, hereafter contracted in the state of Missouri; provided, however, that no person shall have the right to pay, upon any one debt, dimes and half dimes to an amount exceeding ten dollars, or of twenty and twenty-five cent pieces exceeding twenty dollars.] 1. Gold and silver issued by the federal government is legal tender in this state. A person shall not compel any other person to tender or accept gold and silver coins that are issued by the federal government.

            2. (1) There is a nonrefundable credit established for any capital gains incurred from the exchange of gold and silver coins issued by the federal government for another form of legal tender as provided in subsection 4 of this section.

            (2) The exchange of gold and silver coins issued by the federal government for another form of legal tender is exempt from sales and use taxes.

            3. The committee on ways and means shall:

            (1) Study the possibility of establishing an alternative form of legal tender for the payment of debts, public charges, taxes, and dues within this state;

            (2) Recommend whether legislation should be drafted to establish an alternative form of legal tender; and

            (3) Prepare any legislation that the committee recommends in accordance with subdivision (2) of this subsection.

            4. (1) As used in this section:

            (a) "Capital gain transaction" means a transaction that results in a:

            a. Short-term capital gain; or

            b. Long-term capital gain;

            (b) "Long-term capital gain" is as defined in Section 1222 of the Internal Revenue Code of 1986, as amended;

            (c) "Short-term capital gain" is as defined in Section 1222 of the Internal Revenue Code of 1986, as amended.

            (2) For tax years beginning on or after January 1, 2013, a claimant, estate, or trust may claim a nonrefundable tax credit equal to the product of:

            (a) To the extent a capital gain is not offset by a capital loss, the total amount of the claimant's, estate's, or trust's short-term capital gain or long-term capital gain on a capital gain transaction from an exchange made on or after January 1, 2013, of gold or silver coins issued by the federal government for another form of legal tender; and

            (b) Five percent.

            (3) A claimant, estate, or trust shall not carry forward or carry back a tax credit under this section.

            5. Any rule or portion of a rule, as that term is defined in section 536.010, that is created under the authority delegated in this section shall become effective only if it complies with and is subject to all of the provisions of chapter 536 and, if applicable, section 536.028. This section and chapter 536 are nonseverable and if any of the powers vested with the general assembly under chapter 536 to review, to delay the effective date, or to disapprove and annul a rule are subsequently held unconstitutional, then the grant of rulemaking authority and any rule proposed or adopted after August 28, 2012, shall be invalid and void.