Utah Legal Tender Act
| Utah Legal Tender Act | |
|---|---|
| Utah State Legislature | |
| Passed by | Utah House of Representatives |
| Passed | March 4, 2011 |
| Passed by | Utah State Senate |
| Passed | March 10, 2011 |
| Signed by | Gov. Gary Herbert |
| Signed | March 25, 2011 |
| Legislative history | |
| First chamber: Utah House of Representatives | |
| Bill title | H.B. 317 |
| Introduced by | Rep. Brad J. Galvez |
| First reading | February 24, 2011 |
| Second reading | March 2, 2011 |
| Third reading | March 4, 2011 |
| Second chamber: Utah State Senate | |
| Bill title | H.B. 317 |
| Member(s) in charge | 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
[edit]- ^ "Specie Legal Tender Act" (PDF).
- ^ "Utah Legislature HB0317S01". le.utah.gov. Retrieved 2016-12-20.
- ^ Baude, William (July 24, 2012). "The Constitutionality of the Utah Legal Tender Act". SSRN 2555089.
- ^ Charles Riley. "Utah law treats gold and silver coins as legal tender - Mar. 29, 2011". money.cnn.com. Retrieved 2016-12-20.
- ^ "Meet Rep. Brad Galvez of Utah's 6th Legislative District - Publius Online". Publius Online. 2012-02-16. Retrieved 2016-12-20.
- ^ Garrett, David L. "A Gold Standard That Makes Sense In Utah". Forbes. Retrieved 2023-01-16.
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