(Jefferson City, Missouri, USA -- December 14, 2022) - A state senator from St. Charles County has introduced a bill in Missouri to eliminate income taxes on sales of gold and silver, invest state funds in gold and silver, and establish the Missouri Bullion Depository.
Sen. Bill Eigel introduced Senate Bill 100 creates new provisions related to gold and silver in the Show Me State.
First, SB 100 would require the State Treasurer to invest no less than 1% of the funds held in the state's Budget Reserve Fund (currently valued at nearly $880 million).
The second issue SB 100 tackles is income taxation. Missouri correctly ended sales tax on the purchase of gold and silver long ago. This measure would additionally exempt from state income tax the portion of capital gain on the sale or exchange of gold and silver that are otherwise included in the taxpayer's federal adjusted gross income. South Carolina is considering similar legislation this year.
Finally, SB 100 would create the Missouri Bullion Depository. The depository would be established as an agency within the office of the State Treasurer for the purpose of serving as the custodian, guardian, and administrator of certain bullion and specie that may be transferred to or otherwise acquired by this state or any department, agency, or political subdivision.
The measure also calls for the Treasurer to submit to the Governor and the General Assembly a report on the status, condition, operations, and prospects for the Depository and depository participation each year.
Missouri, currently ranked 19th in the 2023 Sound Money Index, would establish itself as a sound money powerhouse with the passage of this measure.
Building on the momentum of successful legislative projects in Alabama, Tennessee, and Virginia in 2022, several states are considering measures to eliminate taxes on gold and silver, bolster state funds with precious metals, establish in-state depositories, and more.
image credit: Darwinek