Jim Rounds speaks about Governor Doug Ducey’s push to streamline economic development in Arizona.
Bill to count gold, silver as legal tender moving in legislature
Under the bill, those coins would be no different under state law than the U.S. dollar printed by the federal treasury. It says gold and silver should be legal currency not subject to tax or regulation as property, although businesses would not be required to accept the coins, and under an amendment approved Thursday, the state Department of Revenue would not have to accept the coins as payment for state taxes.
Thursday’s approval by voice vote sets the measure up for a final vote in the House. The Senate approved the bill in February on a 17-11 near-party-line vote. Supporters say the measure reflects a growing distrust of government-backed money, which critics say it would be a bureaucratic nightmare.