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H. B. No. 1440 *HR43/R2154* ~ OFFICIAL ~ G1/2
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To: Banking and Financial
Services
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026
By: Representatives Eubanks, Ladner, Boyd
(19th), Shanks
HOUSE BILL NO. 1440
AN ACT TO CREATE THE MISSISSIPPI TRANSACTIONAL GOLD AND 1
SILVER ACT; TO DEFINE CERTAIN TERMS RELATING TO THIS ACT; TO 2
RECOGNIZE GOLD AND SILVER AS LEGAL TENDER FOR PRIVATE TRANSACTIONS 3
AND, WHEN ACCEPTED, FOR PAYING STATE AND LOCAL TAXES OR FEES; TO 4
AUTHORIZE THE CREATION OF A SECURE BULLION DEPOSITORY AND A 5
SPECIE-BACKED ELECTRONIC PAYMENT SYSTEM; TO EXEMPT GOLD AND SILVER 6
TRANSACTIONS FROM STATE SALES, USE, AND INCOME TAXES; AND FOR 7
RELATED PURPOSES. 8
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 9
SECTION 1. This act shall be known and may be cited as the 10
"Mississippi Transactional Gold and Silver Act." 11
SECTION 2. The Legislature finds that: 12
(a) The use of gold and silver as a medium of exchange 13
has a historical basis in fostering economic stability and 14
individual liberty; 15
(b) Recognizing gold and silver as legal tender 16
promotes competition in the monetary system and protects against 17
reliance on fiat currency; and 18
(c) Establishing mechanisms for the use of precious 19
metals in transactions enhances the state's economic resilience. 20
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SECTION 3. (1) The following words and phrases have the 21
meanings as provided in this section unless the context clearly 22
indicates otherwise: 23
(a) "Bullion depository" means an entity providing 24
vault facilities within the United States for the storage of 25
bullion that: 26
(i) Complies with the prescribed London Bullion 27
Market best practice guidelines for the storage of bullion; 28
(ii) Has a contractual relationship to provide 29
value services to hold and receive deposits of specie or legal 30
tender for an authorized precious metals-backed electronic payment 31
system vendor; 32
(b) "Depository agent" means a private entity 33
authorized by the [State Chief Fiscal Officer or Equivalent 34
Office] to operate a bullion depository or perform related 35
services under this section. 36
(c) "Legal tender" means a medium of exchange, 37
including specie, recognized by the State of Mississippi for the 38
payment of debts, taxes, fees, and other obligations. 39
(d) "Specie" means gold or silver coin issued by the 40
United States or a foreign government, or gold or silver in the 41
form of bars or other physical forms certified as at least 42
ninety-nine percent (99%) pure. 43
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(e) "Specie-backed electronic payment system" means a 44
digital platform or payment system that uses gold or silver specie 45
as the basis for transactions. 46
(f) "Transactional gold and silver" means a 47
representation of physical gold, silver, specie, or bullion that: 48
(i) May be transferred through electronic or 49
written instruction through a transaction by the owner of the 50
specie; and 51
(ii) Is fully redeemable as physical gold, silver, 52
specie, or bullion. 53
(2) Gold and silver specie are recognized as legal tender in 54
the State of Mississippi. Gold and silver specie may be used for 55
the payment of: 56
(a) Debts between private parties, if the parties 57
mutually agree to the use of specie; and 58
(b) Taxes, fees, or other obligations owed to the State 59
of Mississippi or a political subdivision, if the State of 60
Mississippi or political subdivision agrees to accept specie as 61
payment. 62
No person or entity shall be required to accept gold or 63
silver specie as payment, except as provided in this section or by 64
mutual agreement. 65
(3) The executive director of the Department of Finance and 66
Administration shall promulgate rules and regulations to: 67
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(a) Designate or establish a bullion depository for the 68
secure storage of gold and silver specie to facilitate 69
transactions under this section; and 70
(b) Authorize a specie-backed electronic payment system 71
to enable vendors to receive payments from the State of 72
Mississippi or political subdivisions using gold or silver specie. 73
(4) The executive director of the Department of Finance and 74
Administration may: 75
(a) Operate the bullion depository directly or contract 76
with a depository agent to perform depository services; and 77
(b) Contract with a private entity to develop or 78
operate the specie-backed electronic payment system. 79
(5) Rules promulgated under this subsection shall ensure: 80
(a) The bullion depository is secure, transparent, and 81
accessible to residents of the State of Mississippi; 82
(b) The specie-backed electronic payment system is 83
reliable and complies with applicable state and federal laws; and 84
(c) Any depository agent or contracted entity operates 85
in the best interests of the State of Mississippi. 86
(6) The sale, purchase, or exchange of gold or silver specie 87
recognized as legal tender under this section is exempt from state 88
sales and use taxes. Any capital gains or losses resulting from 89
the sale or exchange of gold or silver specie are exempt from 90
state income tax. 91
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ST: Mississippi Transactional Gold and Silver
Act; create.
(7) The executive director of the Department of Finance and 92
Administration shall implement the provisions of this section 93
within one (1) year of the effective date of this act. Such 94
executive director shall submit an annual report to the 95
Legislature detailing: 96
(a) The status and operations of the bullion 97
depository; 98
(b) The implementation and usage of the specie-backed 99
electronic payment system; and 100
(c) The economic impact of recognizing gold and silver 101
specie as legal tender. 102
SECTION 4. This act shall take effect and be in force from 103
and after July 1, 2026. 104