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HB1 • 2026

SPECIE AS LEGAL TENDER

An Act relating to specie as legal tender in the state; and relating to borough and city sales and use taxes on specie.

Budget Labor Taxes
Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
REPRESENTATIVES MCCABE, Underwood, Johnson, Rauscher, Moore, Tilton, Tomaszewski, Prax, Coulombe, Ruffridge, Elam, Bynum, Stutes, Vance, St. Clair, D.Nelson, Costello, Foster, G.Nelson, Schwanke, Kopp SENATORS Rauscher, Tilton, Cronk, Bjorkman, Yundt
Last action
2026-06-04
Official status
CHAPTER 6 SLA 26
Effective date
Not listed

Plain English Breakdown

The bill relies on the U.S. Constitution's limits regarding legal tender (Article I, Section 10).

Making Gold and Silver Coins Legal Money in Alaska

This law defines gold and silver coins as legal tender under specific rules, stops cities and boroughs from charging sales tax on them, but does not force anyone to accept them.

What This Bill Does

  • Defines 'specie' as gold or silver in the form of coin or stamped bullion valued by its metal content.
  • States that federal government specie is legal tender if the U.S. considers it so.
  • Allows foreign government specie to be legal tender only from recognized governments not designated as adversaries, including certain subnational units and currency unions.
  • Makes state-issued specie legal tender only if a court rules it allowed and the state accepts it.
  • Stops boroughs from charging sales or use tax on the value of gold or silver in specie during a sale or exchange.
  • Stops cities from charging sales or use tax on the value of gold or silver in specie during a sale or exchange.
  • Requires the Legislative Budget and Audit Committee to study adding more legal tender forms and consumer protections.

Who It Names or Affects

  • People who buy, sell, or exchange gold and silver coins or bullion in Alaska
  • Alaska boroughs that collect sales taxes
  • Alaska cities that collect sales taxes
  • The Legislative Budget and Audit Committee

Terms To Know

Specie
Gold or silver in the form of coin, or stamped bullion bars valued mainly by their metal weight.
Legal tender
A recognized medium of exchange for paying debts.

Limits and Unknowns

  • The law does not force any person or government entity to accept gold or silver specie as payment.
  • Foreign currency must come from a U.S.-recognized government that is not designated as an adversary under federal law.
  • State-issued specie can only be legal tender if a court rules it allowed and the state accepts it.

Bill History

  1. 2026-06-04 3033

    (H) EFFECTIVE DATE(S) OF LAW 8/28/26

  2. 2026-06-04 3033

    (H) LAW W/O GOV SIGNATURE 5/29 CHAPTER 6 SLA 26

  3. 2026-05-13 2562

    (H) MANIFEST ERROR(S)

  4. 2026-05-13 2562

    (H) 2:55 P.M. 5/13/26 TRANSMITTED TO GOVERNOR

  5. 2026-05-12 2602

    (S) VERSION: CSHB 1(STA)

  6. 2026-05-12 2602

    (S) RETURN TO (H), TRANSMIT TO GOV NEXT

  7. 2026-05-12 2605

    (S) CROSS SPONSOR(S): CRONK, BJORKMAN, YUNDT

  8. 2026-05-12 2602

    (S) PASSED Y19 N1

  9. 2026-05-12 2602

    (S) READ THE THIRD TIME CSHB 1(STA)

  10. 2026-05-11 2579

    (S) CROSS SPONSOR(S): RAUSCHER, TILTON

  11. 2026-05-11 2569

    (S) ADVANCED TO THIRD READING 5/12 CAL

  12. 2026-05-11 2569

    (S) READ THE SECOND TIME

  13. 2026-05-11 2569

    (S) RULES TO CALENDAR 5/11/2026

  14. 2026-05-08 2544

    (S) FIN REFERRAL WAIVED

  15. 2026-05-08 2534

    (S) FIN

  16. 2026-05-08 2534

    (S) READ THE FIRST TIME - REFERRALS

  17. 2026-05-07 2446

    (H) VERSION: CSHB 1(STA)

  18. 2026-05-07 2446

    (H) TRANSMITTED TO (S)

  19. 2026-05-07 2445

    (H) COSPONSOR(S): KOPP

  20. 2026-05-07 2441

    (H) PASSED Y40

  21. 2026-05-07 2441

    (H) READ THE THIRD TIME CSHB 1(STA)

  22. 2026-05-07 2441

    (H) ADVANCED TO THIRD READING UC

  23. 2026-05-07 2440

    (H) STA CS ADOPTED UC

  24. 2026-05-07 2440

    (H) READ THE SECOND TIME

  25. 2026-05-07 2440

    (H) RULES TO CALENDAR 5/7/2026

  26. 2026-05-06 2425

    (H) COSPONSOR REMOVED: STAPP

  27. 2026-05-01 2380

    (H) COSPONSOR REMOVED: ALLARD

  28. 2026-05-01 2373

    (H) FN4: ZERO(CED)

  29. 2026-05-01 2373

    (H) FN3: ZERO(ADM)

  30. 2026-05-01 2373

    (H) NR: GALVIN, HANNAN, SCHRAGE, JOSEPHSON

  31. 2026-05-01 2373

    (H) DNP: JIMMIE

  32. 2026-05-01 2373

    (H) DP: TOMASZEWSKI, STAPP, MOORE, BYNUM, FOSTER

  33. 2026-05-01 2373

    (H) FIN RPT CS(STA) 5DP 1DNP 4NR

  34. 2026-04-30 Text

    (H) Moved CSHB 1(STA) Out of Committee

  35. 2026-04-30 Text

    (H) FINANCE at 01:30 PM ADAMS 519

  36. 2026-03-27 1978

    (H) COSPONSOR(S): SCHWANKE

  37. 2026-03-25 1961

    (H) COSPONSOR(S): VANCE, ST. CLAIR, D.NELSON, COSTELLO, FOSTER, G.NELSON

  38. 2025-05-18 1304

    (H) COSPONSOR REMOVED: JIMMIE

  39. 2025-05-18 1278

    (H) FN2: ZERO(CED)

  40. 2025-05-18 1278

    (H) FN1: ZERO(ADM)

  41. 2025-05-18 1278

    (H) NR: STORY

  42. 2025-05-18 1278

    (H) DP: VANCE, MCCABE, MOORE, HOLLAND, HIMSCHOOT, CARRICK

  43. 2025-05-18 1278

    (H) STA RPT CS(STA) 6DP 1NR

  44. 2025-05-17 Min

    (H) Minutes (HSTA)

  45. 2025-05-17 Text

    (H) Moved CSHB 1(STA) Out of Committee -- Delayed to 15 min Following Session --

  46. 2025-05-17 Text

    (H) STATE AFFAIRS at 01:00 PM GRUENBERG 120

  47. 2025-05-15 Min

    (H) Minutes (HSTA)

  48. 2025-05-15 Text

    (H) Heard & Held -- Delayed to 4:15 pm--

  49. 2025-05-15 Text

    (H) STATE AFFAIRS at 03:15 PM GRUENBERG 120

  50. 2025-05-08 Min

    (H) Minutes (HSTA)

  51. 2025-05-08 Text

    (H) Heard & Held

  52. 2025-05-08 Text

    (H) STATE AFFAIRS at 03:15 PM GRUENBERG 120

  53. 2025-05-07 1052

    (H) COSPONSOR(S): JIMMIE, STUTES

  54. 2025-05-02 999

    (H) COSPONSOR(S): ELAM, BYNUM

  55. 2025-04-30 972

    (H) COSPONSOR(S): STAPP, TILTON, ALLARD, TOMASZEWSKI, PRAX, COULOMBE, RUFFRIDGE

  56. 2025-04-29 Min

    (H) Minutes (HSTA)

  57. 2025-04-29 Text

    (H) Heard & Held

  58. 2025-04-29 Text

    (H) STATE AFFAIRS at 03:15 PM GRUENBERG 120

  59. 2025-04-28 941

    (H) COSPONSOR(S): MOORE

  60. 2025-04-15 Text

    (H) -- MEETING CANCELED --

  61. 2025-04-15 Text

    (H) STATE AFFAIRS at 03:15 PM GRUENBERG 120

  62. 2025-01-31 114

    (H) COSPONSOR(S): RAUSCHER

  63. 2025-01-22 31

    (H) STA, FIN

  64. 2025-01-22 31

    (H) READ THE FIRST TIME - REFERRALS

  65. 2025-01-22 31

    (H) PREFILE RELEASED 1/10/25

Official Summary Text

SPECIE AS LEGAL TENDER
An Act relating to specie as legal tender in the state; and relating to borough and city sales and use taxes on specie.

Current Bill Text

Read the full stored bill text 
Enrolled HB 1
LAWS OF ALASKA

2026

Source Chapter No.
CSHB 1(STA) _______

AN ACT

Relating to specie as legal tender in the state; and relating to borough and city sales and use
taxes on specie.

_______________

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:

THE ACT FOLLOWS ON PAGE 1

-1- Enrolled HB 1

AN ACT

Relating to specie as legal tender in the state; and relating to borough and city sales and use 1
taxes on specie. 2
_______________ 3
* Section 1. AS 29.10.200(56) is amended to read: 4
(56) AS 29.45.650(c), (d), (e), (f), (i), (j), (k), [AND] (l), and (m) 5
(sales and use tax); 6
* Sec. 2. AS 29.10.200(57) is amended to read: 7
(57) AS 29.45.700(d), (e), (g), [AND] (h), and (i) (sales and use tax); 8
* Sec. 3. AS 29.45.650(a) is amended to read: 9
(a) Except as provided in AS 04.21.010(c), AS 29.45.750, and in (f), (h), (i), 10
(j), (k), [AND] (l), and (m) of this section, a borough may levy and collect a sales tax 11
on sales, rents, and services provided in the borough. The sales tax may apply to any 12
or all of these sources. Notwithstanding other statutes, exemptions may be granted by 13
ordinance. A borough may wholly or partially exempt a source from a borough sales 14

Enrolled HB 1 -2-
tax that is taxed by a city in that borough under AS 29.45.700. 1
* Sec. 4. AS 29.45.650 is amended by adding a new subsection to read: 2
(m) A borough may not levy or collect a sales or use tax on the value of the 3
gold or silver contained within specie during the sale or exchange of specie. This 4
subsection applies to home rule and general law municipalities. In this subsection, 5
"specie" has the meaning given in AS 44.12.400(d). 6
* Sec. 5. AS 29.45.700(a) is amended to read: 7
(a) A city in a borough that levies and collects areawide sales and use taxes 8
may levy sales and use taxes on all sources taxed by the borough in the manner 9
provided for boroughs. Except as provided in (d), (e), (g), [AND] (h), and (i) of this 10
section, the assembly may by ordinance authorize a city to levy and collect sales and 11
use taxes on other sources. 12
* Sec. 6. AS 29.45.700 is amended by adding a new subsection to read: 13
(i) A city may not levy or collect a sales or use tax on the value of the gold or 14
silver contained within specie during the sale or exchange of specie. This subsection 15
applies to home rule and general law municipalities. In this subsection, "specie" has 16
the meaning given in AS 44.12.400(d). 17
* Sec. 7. AS 44.12 is amended by adding a new section to read: 18
Article 5. Legal Tender. 19
Sec. 44.12.400. Legal tender. (a) To the fullest extent allowed by art. I, sec. 20
10, clause 1, of the Constitution of the United States, legal tender in the state includes 21
specie issued by 22
(1) the federal government at any time if the federal government 23
considers the specie legal tender; 24
(2) a foreign government if, at the time of a sale or exchange, the 25
foreign government considers the specie legal tender and the foreign government is 26
(A) recognized by the United States Department of State as 27
being the legitimate government of a country whose existence is recognized by 28
the United States and that has not been designated as a foreign adversary under 29
federal law or regulation; 30
(B) a subnational unit of a government described in (A) of this 31

-3- Enrolled HB 1
paragraph that is authorized by the laws of that government to issue its own 1
currency; or 2
(C) an international currency union made up exclusively of 3
countries described in (A) of this paragraph; or 4
(3) the state government if 5
(A) a court of competent jurisdiction, by final and unappealable 6
order, ruled the specie to be within state authority to designate as legal tender; 7
and 8
(B) the state government considers the specie legal tender. 9
(b) A person or governmental entity is not required to accept gold or silver 10
specie as tender. 11
(c) The Legislative Budget and Audit Committee shall study the possibility of 12
establishing additional forms of legal tender for the payment of debts, including public 13
charges, taxes, and other money owed to the state. The committee shall also study 14
consumer protections and consumer behavior related to the sale and use of specie. If 15
the committee determines that additional forms of tender are practical and beneficial, 16
the committee shall prepare legislation establishing an additional form of legal tender 17
for introduction. 18
(d) In this section, 19
(1) "legal tender" means a recognized medium of exchange for the 20
payment of debts; 21
(2) "specie" means gold or silver valued primarily based on its metal 22
content and in the form of 23
(A) coin; or 24
(B) bullion that is stamped or imprinted with its weight and 25
purity. 26