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Utah Legal Tender Act

Summary

The Utah Legal Tender Act, passed March 10, 2011, recognizes gold and silver coins issued by the United States[1] as legal tender in the state of Utah.[2] This includes allowing the state of Utah to pay off debts in gold and silver and allowing individuals to transact in gold and silver coins without paying state capital gains tax,[3] among other provisions.[4] The bill was introduced as HB317 by State Representative Brad J. Galvez.[5]

Utah Legal Tender Act
Utah State Legislature
Passed byUtah House of Representatives
PassedMarch 4, 2011
Passed byUtah State Senate
PassedMarch 10, 2011
Signed byGov. Gary Herbert
SignedMarch 25, 2011
Legislative history
First chamber: Utah House of Representatives
Bill titleH.B. 317
Introduced byRep. Brad J. Galvez
First readingFebruary 24, 2011
Second readingMarch 2, 2011
Third readingMarch 4, 2011
Second chamber: Utah State Senate
Bill titleH.B. 317
Member(s) in chargeSen. Scott K. Jenkins
First readingMarch 4, 2011
Second readingMarch 9, 2011
Third readingMarch 10, 2011
Summary
Recognizes gold and silver coins issued by the federal government as legal tender in the state
Status: In force

The law does not violate the constitution of the USA as the constitution allows individual states to make gold and silver legal tender, affording the same power to the federal government but granting the federal government the additional power to issue paper money.[6]

References edit

  1. ^ "Specie Legal Tender Act" (PDF).
  2. ^ "Utah Legislature HB0317S01". le.utah.gov. Retrieved 2016-12-20.
  3. ^ Baude, William (2012-07-24). "The Constitutionality of the Utah Legal Tender Act". Rochester, NY: Social Science Research Network. SSRN 2555089. {{cite journal}}: Cite journal requires |journal= (help)
  4. ^ Charles Riley. "Utah law treats gold and silver coins as legal tender - Mar. 29, 2011". money.cnn.com. Retrieved 2016-12-20.
  5. ^ "Meet Rep. Brad Galvez of Utah's 6th Legislative District - Publius Online". Publius Online. 2012-02-16. Retrieved 2016-12-20.
  6. ^ Garrett, David L. "A Gold Standard That Makes Sense In Utah". Forbes. Retrieved 2023-01-16.