A BILL FOR AN ACT to amend the Indiana Code concerning commercial law.

Taxes

Passed Legislature

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

Sponsor: Representative Shane Lindauer
Last action: 2026-01-05
Official status: Introduced House Bill (H)
Effective date: Not listed

Plain English Breakdown

The bill summary does not provide specific details on storage limits or consequences for rule violations.

Gold and Silver as Legal Tender

This bill amends Indiana law to recognize gold and silver (specie) as legal tender, establishes rules for bullion depositories, and exempts certain transactions involving specie from taxes.

What This Bill Does

Recognizes gold and silver coins or bars (called 'specie') as a form of payment in Indiana.
Requires the state treasurer to designate one or more established bullion depositories where consumers can store their gold and silver bullion securely.
Specifies that each designated bullion depository must be audited annually by an independent third-party auditor.
Exempts transactions involving specie from property taxes and sales tax in Indiana.

Who It Names or Affects

People who want to use gold or silver as payment
Financial institutions designated as bullion depositories

Terms To Know

Bullion depository: A place where people can safely keep their gold and silver bullion (bars or coins)
Specie: Gold and silver in the form of coins or bars used as money

Limits and Unknowns

The bill does not specify how much specie can be stored.
It is unclear when this law will take effect.

Bill History

2026-01-05 House
Authored by Representative Lindauer
2026-01-05 House
First reading: referred to Committee on Financial Institutions

Official Summary Text

A BILL FOR AN ACT to amend the Indiana Code concerning commercial law.
Designation of gold and silver as legal tender.

Current Bill Text

Read the full stored bill text

A BILL FOR AN ACT to amend the Indiana Code concerning commercial law.

Designation of gold and silver as legal tender.

Requires the treasurer of state (treasurer) to designate one or more established bullion depositories to provide a secure location for the storage of bullion by Indiana consumers. Requires the treasurer to engage an electronic payment system to oversee transactional and administrative procedures on behalf of consumers holding bullion depository accounts in a designated bullion depository. Provides that a consumer may establish a bullion depository account with a designated bullion depository by entering into a depository agreement with the bullion depository. Provides that a designated bullion depository qualifies as a state depository and is eligible to receive public funds of: (1) the state; or (2) a political subdivision; on deposit. Provides that each designated bullion depository must be audited by an independent third party auditor on an annual basis. Requires the treasurer to provide to the members of the general assembly on an annual basis a report concerning the operations and financial status of each designated bullion depository. Provides that the treasurer shall: (1) adopt guidelines; (2) designate one or more bullion depositories; and (3) engage an electronic payment system; not later than December 31, 2027. Provides that bullion is not subject to assessment and taxation under Indiana's property tax statute. Provides that the exchange of one type or form of legal tender for another type or form of legal tender is exempt from the state gross retail tax. Provides that the purchase, sale, or exchange of any type of specie is exempt from the state gross retail tax. Provides that specie is recognized as legal tender in Indiana. Provides that except as otherwise specifically provided by law or contract, a person may not compel any other person to tender or accept specie as legal tender. Provides that a prevailing party in an action for breach of any contract provision that expressly designates a type or form of specie as legal tender is entitled to specific performance of the contract provision.