SF0101 • 2023

Wyoming legal tender act amendments.

AN ACT relating to the Wyoming Legal Tender Act; requiring the state treasurer to provide for the payment of mineral taxes by specie or specie legal tender; requiring the state treasurer to determine and provide exchange rates for specie and specie legal tender; requiring the state treasurer to exchange specie and specie legal tender for other legal tender currencies; requiring the state treasurer to hold and invest specie and specie legal tender; authorizing the state treasurer to hire consultants; providing rulemaking authority; and providing for effective dates.

Budget Children Land Taxes

Did Not Pass

The latest official action shows that this bill did not move forward in that session.

Sponsor: Senator Ide
Last action: 2023-03-01
Official status: inactive
Effective date: 3/1/2023

Plain English Breakdown

The bill's failure means that it does not have an effective date or further implementation details.

Wyoming Legal Tender Act Amendments

This bill requires the state treasurer to allow payments for mineral taxes using specie or special legal tender and sets rules for exchanging, holding, and investing these types of money.

What This Bill Does

Requires the state treasurer to permit the use of specie (like gold coins) or special legal tender based on precious metals for paying mine product severance taxes.
Needs the state treasurer to set exchange rates between specie and other forms of currency, which can be done with help from experts hired by the treasurer.
Allows the state treasurer to change specie into regular money if needed.
Requires the state treasurer to keep and invest specie in a secure place.

Who It Names or Affects

The Wyoming State Treasurer
People who pay mine product severance taxes

Terms To Know

Specie: Physical money like gold or silver coins.
Legal Tender: Money that is officially accepted for paying debts and taxes.

Limits and Unknowns

The bill did not pass in the Wyoming legislature.
It's unclear how many people will use specie or special legal tender to pay mineral taxes.
Details about how specie will be stored and invested are left up to the state treasurer.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

SF0101H3001

3rd reading • Representative Jennings

Failed

Plain English: The amendment removes specific changes made by a previous House committee and adjusts some numbering in the bill.

Removes a previously added section on page 1, line 8.
Removes another previously added section on page 2, line 6.
Changes '(iv)' to '(iii)' on page 3, line 8.
Changes '(v)' to '(iv)' on page 3, line 10.

The amendment does not provide details about the content of the sections being removed, making it hard to understand what specific changes are being undone.

SF0101H3002

3rd reading • Representative Walters

Failed

Plain English: The amendment adds requirements for the secure storage of specie in a depository with specific security ratings, located centrally within Wyoming, and provides an appropriation of $2 million from the general fund to construct this depository.

Requires specie to be stored securely in a class three Underwriters Laboratories-rated precious metals depository located at the geographical center of Wyoming.
Appropriates two million dollars ($2,000,000.00) from the general fund for constructing the specified depository between July 1, 2023 and June 30, 2024.

The amendment text does not specify how the state treasurer will ensure compliance with these new requirements or provide details on the construction process beyond the appropriation amount.

SF0101H3003

3rd reading • Representative Nicholas

Adopted

Plain English: The amendment changes 'requiring' to 'allowing' in several places and removes a specific phrase related to purpose.

Changes 'requiring the state treasurer to provide for the payment of mineral taxes by specie or specie legal tender' to 'allowing the state treasurer to provide for the payment'.
Changes similar phrases about determining exchange rates, exchanging currencies, and holding investments from 'require' to 'allow'.
Removes a phrase related to purpose on page 2.

The exact impact of changing 'requiring' to 'allowing' is not fully explained in the amendment text.
It's unclear what specific phrase or purpose is removed from page 2 without more context.

SF0101H3004

3rd reading • Representative Nicholas

Adopted

Plain English: The amendment adds a requirement for the State Treasurer to get written approval from both the State Loan and Investment Board and the Investment Funds Committee before accepting certain types of payments.

Adds a new condition that the State Treasurer must receive written consent from the State Loan and Investment Board and the Investment Funds Committee when providing for the payment of mineral taxes by specie or specie legal tender.

The amendment does not specify what happens if the State Treasurer does not get this written approval, so it's unclear how this will be handled in practice.

SF0101HW001

Committee of the Whole • Representative Jennings

Withdrawn

Plain English: This amendment removes specific changes made by a previous House committee and adjusts some numbering in the bill.

Removes a previously added section on page 1, line 8.
Removes another previously added section on page 2, line 6.
Changes '(iv)' to '(iii)' on page 3, line 8.
Changes '(v)' to '(iv)' on page 3, line 10.

The exact content of the removed sections is not provided in the amendment text.

SF0101HS001

Standing Committee • House Revenue Committee

Adopted

Plain English: The amendment modifies the Wyoming Legal Tender Act by removing certain requirements for the state treasurer, changing some language to give more flexibility, and making minor adjustments to the text.

Removed the requirement for the state treasurer to provide exchange rates for specie and specie legal tender.
Changed 'shall' to 'may' regarding the state treasurer's ability to hire consultants.
Deleted specific sections related to holding and investing specie and specie legal tender, as well as certain rulemaking provisions.

The amendment text does not provide full details on what is being removed or modified, which limits a complete understanding of the changes' impacts.

SF0101SW001

Committee of the Whole • Senator Ide

Adopted

Plain English: The amendment changes the type of taxes that can be paid with specie or specie legal tender to specifically include mine product severance taxes.

Changes 'state and local taxes' to 'mine product severance taxes imposed by title 39, chapter 14 of Wyoming statutes'.

Bill History

2023-03-01 House
H 3rd Reading:Failed 6-55-1-0-0
2023-02-28 House
H 2nd Reading:Passed
2023-02-27 House
H COW:Passed
2023-02-24 House
H Placed on General File
2023-02-24 House
H03 - Revenue:Recommend Amend and Do Pass 9-0-0-0-0
2023-02-10 House
H Introduced and Referred to H03 - Revenue
2023-02-02 House
H Received for Introduction
2023-02-02 Senate
S 3rd Reading:Passed 16-15-0-0-0
2023-02-01 Senate
S 2nd Reading:Passed
2023-01-31 Senate
S COW:Passed
2023-01-26 Senate
S Placed on General File
2023-01-26 Senate
S03 - Revenue:Recommend Do Pass 4-1-0-0-0
2023-01-13 Senate
S Introduced and Referred to S03 - Revenue
2023-01-12 Senate
S Received for Introduction
2023-01-12 LSO
Bill Number Assigned

Current Bill Text

Read the full stored bill text

23LSO-0449
2023
STATE OF WYOMING
23LSO-0449
ENGROSSED
3.0

SENATE FILE NO. SF0101

Wyoming legal tender act amendments.

Sponsored by: Senator(s) Ide, Biteman, French, Hicks, Hutchings, Laursen, D, McKeown and Steinmetz and Representative(s) Allemand, Bear, Jennings and Neiman

A BILL

for

Be It Enacted by the Legislature of the State of Wyoming:

Section 1.

W.S. 9
‑
4
‑
1306 is created to read:

9
‑
4
‑
1306.

State treasurer duties; consultants; rulemaking authority.

(a)

The state treasurer shall implement the Wyoming Legal Tender Act by:

(i)

Authorizing the use of specie and specie legal tender for the payment of mine product severance taxes imposed by title 39, chapter 14 of Wyoming statutes, subject to authentication procedures as determined by the state treasurer that are consistent with precious metals industry standards;

(ii)

Determining, maintaining and publishing market based exchange rates between specie, specie legal tender and other legal tender currencies on a real
‑
time basis on the website of the state treasurer for the purpose of calculating tax payments to or from the state. The state treasurer may hire a consultant as provided under subsection (b) of this section to determine exchange rates under this paragraph. As used in this paragraph, "real
‑
time basis" means as close as possible to the actual time that the exchange information is available so that the information is provided practically immediately;

(iii)

Exchanging specie and specie legal tender for other legal tender currencies;

(iv)

Holding specie and specie legal tender;

(v)

If market conditions warrant, investing in precious metal leases or bonds payable in precious metals.

(b)

The state treasurer may contract for services with established precious metals firms and other industry experts to assist with the duties of the treasurer under this section. The state treasurer shall require background checks and financial disclosures along with any other requirements specified by the state treasurer prior to engaging in any contract under this subsection.

(c)

The state treasurer shall adopt rules necessary to implement this section.

Section 2.

The state treasurer shall adopt rules necessary to implement this act not later than January 1, 2024.

Section 3
.

(a)

Except as provided in subsection (b) of this section,

this act is effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.

(b)

Section 1 of this act is effective January 1, 2024
.

(END)

1
SF0101