Precious metals are closer to being usable for legal tender, with Gov. Ron DeSantis receiving a bill he says he is on board to sign.
HB 999 “recognizes gold and silver coin as legal tender for payment of debts,” but also mandates “additional requirements regarding privately ensuring deposits’ security, record keeping, and maintaining separate ledger accounts for money services that effectuate transactions involving gold or silver coin.”
The final bill also requires the Chief Financial Officer and the Financial Services Commission to adopt rules implementing the bill and submit them to the Legislature by Nov. 1, with Senate language imposing more guidelines for the bill.
Republican Rep. Doug Bankson, the House sponsor, said the amendment “strengthens the House bill” and provides a “longer runway for implementation,” while clarifying “purity” provisions and consumer protections.
Former CFO Jimmy Patronis commissioned a feasibility study before leaving office. But before he did, he noted the complexity of the proposal.
Currently, Florida has no CFO. Expectations are that DeSantis eventually will appoint close ally Sen. Blaise Ingoglia to the open position.
The legislation would remove sales tax for “coins or currency sold, exchanged, or traded based on precious metal content,” per a bill summary from the House. It would also exempt gold or silver coins from sales tax and would allow governmental entities to accept them as legal tender, and would establish guidelines for custodians of these instruments and establish consumer protections.
The Legislature will do more work on this concept next year.
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