Finance:Utah Legal Tender Act
From HandWiki
| Utah Legal Tender Act | |
|---|---|
| Utah State Legislature | |
| Enacted by | Utah House of Representatives |
| Passed | March 4, 2011 |
| Enacted by | Utah State Senate |
| Passed | March 10, 2011 |
| Signed | March 25, 2011 |
| Signed by | Gov. Gary Herbert |
| Legislative history | |
| Bill (proposed law) introduced in the Utah House of Representatives | H.B. 317 |
| Introduced by | Rep. Brad J. Galvez |
| First reading | February 24, 2011 |
| Second reading | March 2, 2011 |
| Third reading | March 4, 2011 |
| Bill introduced in the Utah State Senate | H.B. 317 |
| Introduced by | Sen. Scott K. Jenkins |
| First reading | March 4, 2011 |
| Second reading | March 9, 2011 |
| Third reading | March 10, 2011 |
| Summary | |
| Recognizes gold and silver coins issued by the federal government as legal tender in the state | |
| Status: In force | |
The Utah Legal Tender Act, passed March 10, 2011, recognizes gold and silver coins issued by the United States[1] as legal tender in the state of Utah.[2] This includes allowing the state of Utah to pay off debts in gold and silver and allowing individuals to transact in gold and silver coins without paying state capital gains tax,[3] among other provisions.[4] The bill was introduced as HB317 by State Representative Brad J. Galvez.[5]
The law does not violate the constitution of the USA as the constitution allows individual states to make gold and silver legal tender, affording the same power to the federal government but granting the federal government the additional power to issue paper money.[6]
References
- ↑ "Specie Legal Tender Act". https://le.utah.gov/xcode/Title59/Chapter1/C59-1-P15_1800010118000101.pdf.
- ↑ "Utah Legislature HB0317S01". http://le.utah.gov/~2011/bills/hbillint/hb0317s01.htm.
- ↑ Baude, William (2012-07-24). The Constitutionality of the Utah Legal Tender Act. Rochester, NY: Social Science Research Network.
- ↑ Charles Riley. "Utah law treats gold and silver coins as legal tender - Mar. 29, 2011". https://money.cnn.com/2011/03/29/news/economy/utah_gold_currency/.
- ↑ "Meet Rep. Brad Galvez of Utah's 6th Legislative District - Publius Online" (in en-US). Publius Online. 2012-02-16. http://www.publiusonline.com/meet-rep-brad-galvez-of-utahs-6th-legislative-district/.
- ↑ Garrett, David L.. "A Gold Standard That Makes Sense In Utah" (in en). https://www.forbes.com/sites/greatspeculations/2011/07/28/a-gold-standard-that-makes-sense-in-utah/.
 |  |
