Arizona committee votes to make gold and silver coins legal tender
- Published: Feb 5, 2015, 5 AM
1. Legalizing it
The Committee on Federalism and States' Rights of Arizona's House of Representatives voted 5-2 Wednesday in support of a bill that would allow for, though not require, the acceptance of gold and silver coins as legal tender by Arizona government and businesses, according to Tucson.com.
"There is nothing Arizona can do about the Internal Revenue Code," the Tucson.com report reads. "But SB 2173 would spell out that the buying and selling of such coins is not an investment under Arizona law and therefore not subject to state capital gains taxes."
A similar bill got the approval of the entire legislature in 2013 but was vetoed by Gov. Jan Brewer over concerns about lost state revenue.
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Kitco.com listed the following prices per ounce at 10:57 a.m. ET Thursday:
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