BRICS,Gold,Crypto and the collapsing Dollar monetary news
02-05-2026, 12:26 PM
Alrighty! Am digging thru state by state on precious metals as legal tender for exchange
IL, IN and WISC are lagging behind!
Check your state and current status
"....On paying taxes with precious metals: On payment of taxes: As of February 2026, several U.S. states have passed legislation designating gold and silver as "legal tender," but only a select few have established the actual administrative mechanisms to accept these metals for tax payments.
While more than a dozen states recognize gold and silver as currency, the practical ability to use them for taxes is largely limited to the following:
States Accepting or Implementing Tax Payments
Florida: Following the signing of HB 999, Florida will officially recognize gold and silver as legal tender for the payment of taxes, fees, and other government payments starting July 1, 2026.
Wyoming: The Wyoming Legal Tender Act authorizes the state to receive mineral tax payments in gold and/or silver specie. The state treasurer is currently tasked with creating the formal system to authenticate and receive these payments.
Oklahoma: Under recent legislation (e.g., SB 2058), Oklahoma recognizes gold and silver as legal tender that may be used for state taxes or fees if all parties agree. The law mandates the development of electronic payment systems and bullion depositories to facilitate these transactions.
Missouri: Recent laws require the state to accept gold and silver for the payment of public debts, putting these metals on the same legal footing as Federal Reserve notes for state-level obligations.
States with Limited or Voluntary Acceptance
In many other states, gold and silver are "legal tender" by law, but the state government is not yet equipped to accept them for taxes, or acceptance is strictly voluntary:
Utah: Although Utah was the first state to recognize gold and silver as legal tender in 2011, the state does not currently accept gold coins for taxes because the state treasury lacks the infrastructure to process and store physical metals.
Arkansas: Gold and silver are recognized as a medium of exchange to pay debts, but the primary benefit for residents is the exemption from state capital gains and sales taxes on the metals rather than a functional tax-payment portal.
Louisiana, Texas, and Arizona: These states recognize gold and silver as legal tender, primarily providing tax exemptions for buyers and sellers, but they do not have active systems for direct tax payments in bullion.
Summary of Legal Tender States
States that have passed various forms of "Sound Money" legislation recognizing gold and silver as legal tender include:
Alabama, Arizona, Arkansas, Florida, Idaho, Indiana, Kansas, Kentucky, Louisiana, Missouri, Oklahoma, South Carolina, Tennessee, Texas, Utah, West Virginia, and Wyoming.
AI responses may include mistakes. For financial advice, consult a professional
KENTUCKY:
Kentucky as example In Kentucky (https://www.google.com/search?q=Kentucky&kgmid=/m/0498y&sa=X&ved=2ahUKEwjL5vLU58KSAxXatYkEHW5tJQgQ3egRegYIAQgDEAI), the legal recognition of gold and silver as a medium of exchange is primarily codified through KRS 139.480, which defines these metals for tax exemption purposes.
As of February 2026, there is also active legislation, the Kentucky Transactional Gold and Silver Act (SB 99), which seeks to formally recognize gold and silver as legal tender for broader use.
Statutory Definition of "Bullion"
Under Kentucky law (KRS 139.480), precious metals are recognized as a "medium of exchange" if they meet the following specific criteria:
• Form: Bars, ingots, or coins.
• Composition: Made of gold, silver, platinum, palladium, or a combination thereof.
• Valuation: Must be "valued based on the content of the metal and not its form".
• Recognition: Must be used, or have been used, as a medium of exchange, security, or commodity by any state, the United States government, or a foreign nation.
The Kentucky Transactional Gold and Silver Act (SB 99)
Introduced in the 2026 Regular Session, this act proposes more robust "sound money" rules:
• Legal Tender Status: Explicitly recognizes gold and silver specie as "legal tender in Kentucky," allowing them to be used to pay debts, taxes, and other obligations.
• Mutual Consent: Private parties must agree to the use of gold or silver as payment; no person or entity is forced to accept them.
• Infrastructure: Tasks the State Treasurer with establishing a bullion depository and authorizing electronic payment systems backed by physical precious metals.
Key Tax Rules for Precious Metals (2026)
• Sales Tax: Following a 2025 veto override (HB 2), purchases of qualifying bullion and currency are exempt from Kentucky’s 6% sales and use tax, retroactive to August 1, 2024.
• Capital Gains: New proposals (SB 99) aim to exempt capital gains from the sale or exchange of gold and silver from state income tax.
For the most up-to-date status on pending 2026
legislation, you can track
Senate Bill 99 (https://apps.legislature.ky.gov/record/26rs/sb99.html)
and
House Bill 101 (https://apps.legislature.ky.gov/record/26rs/hb101.html)
on the
Kentucky Legislative Research Commission
website
TEXAS:
Texas: Texas
Texas Governor Greg Abbott signed House Bill 1056 into law in June 2025, establishing a multi-phase rollout for gold and silver as legal tender.
• Legal Recognition: Gold and silver officially become recognized as legal tender in Texas on September 1, 2026.
• Full Transactional Implementation: The state-backed digital payment system—which includes debit cards and mobile apps linked to the Texas Bullion Depository (https://texasbulliondepository.gov/)—is scheduled to be fully operational by May 1, 2027.
• Infrastructure: The law allows the Comptroller to contract with vendors to facilitate these transactions, converting gold holdings to dollars at the poi
nt of sale for participating merchants
TENNESSEE
Tennessee: is currently advancing the Tennessee Transactional Gold and Silver Act through its 2026 legislative session.
• Proposed Effective Date: Under the current text of HB 2427, the act is scheduled to take effect on January 1, 2027, for all primary purposes.
• Immediate Effect: Certain provisions, specifically those related to "promulgating rules" by the state treasurer, take effect immediately upon the bill becoming law in 2026 to ensure the infrastructure is ready for the 2027 launch.
• Current Status: As of January 22, 2026, the related Senate Bill (SB 1827) has passed its first consideration.
• Existing Rules: Tennessee has already exempted gold, silver, platinum, and palladium bullion from state sales tax as of May 27, 2022
FLORIDA:
Florida: In Florida, the legislation recognizing gold and silver as legal tender (HB 999 (https://www.flsenate.gov/Session/Bill/2025/999)) is scheduled to fully take effect on July 1, 2026.
Implementation Timeline
• Active Now (Since May 2025): The immediate benefit of the law is the complete elimination of state sales tax on qualifying gold and silver coins. There is no longer a minimum purchase threshold (previously $500) to qualify for this exemption.
• Rule Ratification (2026 Legislative Session): Before the law becomes operational for transactions, the Florida Legislature must review and ratify the specific rules adopted by the Chief Financial Officer (CFO) and the Financial Services Commission. A report containing these rules was submitted to the legislature in late 2025.
• Full Operational Date (July 1, 2026): If the legislature ratifies the proposed rules during the 2026 session, Floridians can begin using gold and silver to pay for debts, taxes, fees, and other government payments on this date.
Key Features of the Florida Law
• Governmental Payments: State and local government entities may choose to accept gold or silver for taxes or dues, but they are required to do so electronically and must contract with a qualified public depository to act as a custodian.
• Optional Participation: The use or acceptance of gold and silver for payments is strictly optional for both private businesses and government agencies; no one can be compelled to use or accept it.
• Purity Standards: To qualify as legal tender, coins must meet specific standards: at least 99.5% pure gold or 99.9% pure silver.
• Future Systems: The state is planning for the development of modern payment systems, which may include metal-backed debit cards or digital w
allets linked to physical precious metal accounts
IL, IN and WISC are lagging behind!
Check your state and current status
"....On paying taxes with precious metals: On payment of taxes: As of February 2026, several U.S. states have passed legislation designating gold and silver as "legal tender," but only a select few have established the actual administrative mechanisms to accept these metals for tax payments.
While more than a dozen states recognize gold and silver as currency, the practical ability to use them for taxes is largely limited to the following:
States Accepting or Implementing Tax Payments
Florida: Following the signing of HB 999, Florida will officially recognize gold and silver as legal tender for the payment of taxes, fees, and other government payments starting July 1, 2026.
Wyoming: The Wyoming Legal Tender Act authorizes the state to receive mineral tax payments in gold and/or silver specie. The state treasurer is currently tasked with creating the formal system to authenticate and receive these payments.
Oklahoma: Under recent legislation (e.g., SB 2058), Oklahoma recognizes gold and silver as legal tender that may be used for state taxes or fees if all parties agree. The law mandates the development of electronic payment systems and bullion depositories to facilitate these transactions.
Missouri: Recent laws require the state to accept gold and silver for the payment of public debts, putting these metals on the same legal footing as Federal Reserve notes for state-level obligations.
States with Limited or Voluntary Acceptance
In many other states, gold and silver are "legal tender" by law, but the state government is not yet equipped to accept them for taxes, or acceptance is strictly voluntary:
Utah: Although Utah was the first state to recognize gold and silver as legal tender in 2011, the state does not currently accept gold coins for taxes because the state treasury lacks the infrastructure to process and store physical metals.
Arkansas: Gold and silver are recognized as a medium of exchange to pay debts, but the primary benefit for residents is the exemption from state capital gains and sales taxes on the metals rather than a functional tax-payment portal.
Louisiana, Texas, and Arizona: These states recognize gold and silver as legal tender, primarily providing tax exemptions for buyers and sellers, but they do not have active systems for direct tax payments in bullion.
Summary of Legal Tender States
States that have passed various forms of "Sound Money" legislation recognizing gold and silver as legal tender include:
Alabama, Arizona, Arkansas, Florida, Idaho, Indiana, Kansas, Kentucky, Louisiana, Missouri, Oklahoma, South Carolina, Tennessee, Texas, Utah, West Virginia, and Wyoming.
AI responses may include mistakes. For financial advice, consult a professional
KENTUCKY:
Kentucky as example In Kentucky (https://www.google.com/search?q=Kentucky&kgmid=/m/0498y&sa=X&ved=2ahUKEwjL5vLU58KSAxXatYkEHW5tJQgQ3egRegYIAQgDEAI), the legal recognition of gold and silver as a medium of exchange is primarily codified through KRS 139.480, which defines these metals for tax exemption purposes.
As of February 2026, there is also active legislation, the Kentucky Transactional Gold and Silver Act (SB 99), which seeks to formally recognize gold and silver as legal tender for broader use.
Statutory Definition of "Bullion"
Under Kentucky law (KRS 139.480), precious metals are recognized as a "medium of exchange" if they meet the following specific criteria:
• Form: Bars, ingots, or coins.
• Composition: Made of gold, silver, platinum, palladium, or a combination thereof.
• Valuation: Must be "valued based on the content of the metal and not its form".
• Recognition: Must be used, or have been used, as a medium of exchange, security, or commodity by any state, the United States government, or a foreign nation.
The Kentucky Transactional Gold and Silver Act (SB 99)
Introduced in the 2026 Regular Session, this act proposes more robust "sound money" rules:
• Legal Tender Status: Explicitly recognizes gold and silver specie as "legal tender in Kentucky," allowing them to be used to pay debts, taxes, and other obligations.
• Mutual Consent: Private parties must agree to the use of gold or silver as payment; no person or entity is forced to accept them.
• Infrastructure: Tasks the State Treasurer with establishing a bullion depository and authorizing electronic payment systems backed by physical precious metals.
Key Tax Rules for Precious Metals (2026)
• Sales Tax: Following a 2025 veto override (HB 2), purchases of qualifying bullion and currency are exempt from Kentucky’s 6% sales and use tax, retroactive to August 1, 2024.
• Capital Gains: New proposals (SB 99) aim to exempt capital gains from the sale or exchange of gold and silver from state income tax.
For the most up-to-date status on pending 2026
legislation, you can track
Senate Bill 99 (https://apps.legislature.ky.gov/record/26rs/sb99.html)
and
House Bill 101 (https://apps.legislature.ky.gov/record/26rs/hb101.html)
on the
Kentucky Legislative Research Commission
website
TEXAS:
Texas: Texas
Texas Governor Greg Abbott signed House Bill 1056 into law in June 2025, establishing a multi-phase rollout for gold and silver as legal tender.
• Legal Recognition: Gold and silver officially become recognized as legal tender in Texas on September 1, 2026.
• Full Transactional Implementation: The state-backed digital payment system—which includes debit cards and mobile apps linked to the Texas Bullion Depository (https://texasbulliondepository.gov/)—is scheduled to be fully operational by May 1, 2027.
• Infrastructure: The law allows the Comptroller to contract with vendors to facilitate these transactions, converting gold holdings to dollars at the poi
nt of sale for participating merchants
TENNESSEE
Tennessee: is currently advancing the Tennessee Transactional Gold and Silver Act through its 2026 legislative session.
• Proposed Effective Date: Under the current text of HB 2427, the act is scheduled to take effect on January 1, 2027, for all primary purposes.
• Immediate Effect: Certain provisions, specifically those related to "promulgating rules" by the state treasurer, take effect immediately upon the bill becoming law in 2026 to ensure the infrastructure is ready for the 2027 launch.
• Current Status: As of January 22, 2026, the related Senate Bill (SB 1827) has passed its first consideration.
• Existing Rules: Tennessee has already exempted gold, silver, platinum, and palladium bullion from state sales tax as of May 27, 2022
FLORIDA:
Florida: In Florida, the legislation recognizing gold and silver as legal tender (HB 999 (https://www.flsenate.gov/Session/Bill/2025/999)) is scheduled to fully take effect on July 1, 2026.
Implementation Timeline
• Active Now (Since May 2025): The immediate benefit of the law is the complete elimination of state sales tax on qualifying gold and silver coins. There is no longer a minimum purchase threshold (previously $500) to qualify for this exemption.
• Rule Ratification (2026 Legislative Session): Before the law becomes operational for transactions, the Florida Legislature must review and ratify the specific rules adopted by the Chief Financial Officer (CFO) and the Financial Services Commission. A report containing these rules was submitted to the legislature in late 2025.
• Full Operational Date (July 1, 2026): If the legislature ratifies the proposed rules during the 2026 session, Floridians can begin using gold and silver to pay for debts, taxes, fees, and other government payments on this date.
Key Features of the Florida Law
• Governmental Payments: State and local government entities may choose to accept gold or silver for taxes or dues, but they are required to do so electronically and must contract with a qualified public depository to act as a custodian.
• Optional Participation: The use or acceptance of gold and silver for payments is strictly optional for both private businesses and government agencies; no one can be compelled to use or accept it.
• Purity Standards: To qualify as legal tender, coins must meet specific standards: at least 99.5% pure gold or 99.9% pure silver.
• Future Systems: The state is planning for the development of modern payment systems, which may include metal-backed debit cards or digital w
allets linked to physical precious metal accounts
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