House Bill 104

AN ACT TO BE KNOWN AS THE LEGAL TENDER ACT; TO PROVIDE THAT CERTAIN GOLD AND SILVER COIN SHALL BE LEGAL TENDER; TO PROVIDE THAT NO TAX LIABILITY SHALL RESULT FROM CERTAIN ACTIONS INVOLVING LEGAL TENDER; TO PROVIDE THAT NO PERSON MAY COMPEL ANY OTHER PERSON TO TENDER OR ACCEPT GOLD OR SILVER LEGAL TENDER; TO DIRECT THE ATTORNEY GENERAL TO EMPLOY ALL REASONABLE MEASURES TO ENSURE THE UNFETTERED CIRCULATION AND EQUAL PROTECTION OF GOLD AND SILVER LEGAL TENDER; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

     SECTION 1. This act shall be known as the "Legal Tender Act."
     SECTION 2. As used in this act, the term "legal tender" means an authorized medium of exchange for the payment of debts, public charges, taxes and dues.
     SECTION 3. Pursuant to the monetary authority expressly reserved to the states in Article I, Section 10, Clause 1 of the United States Constitution, the powers reserved to the states under the Tenth Amendment to the United States Constitution, and by virtue of the sovereign power of the State of Mississippi to fulfill its essential functions of government, the following is declared to be legal tender:
          (a) Gold and silver coin at any time issued by the United States government;
          (b) Coin having at least ninety percent (90%) fine gold or silver content, denominated on either face in the troy ounce or multiples or fractions thereof, issued by the sovereign governments of Australia, Austria, Canada, China, Mexico, New Zealand, South Africa or the United Kingdom; and
          (c) Any identifiable class of gold or silver coin or bullion, having its precious metal content denominated on either face in the troy ounce or pennyweight, or multiples or fractions
thereof, which the Treasurer of the State of Mississippi may by administrative rule designate as suitable for the payment of taxes.
     SECTION 4. No tax liability shall result from:
          (a) The holding of any type of legal tender in a financial institution or otherwise;
          (b) The exchange of one (1) form of legal tender for any other; or
          (c) The actual or imputed increase in the purchasing power of one (1) form of legal tender as compared to another.
     SECTION 5. No person may compel any other person to tender or accept gold or silver legal tender, except for parties in privity of contract who are entitled to specific performance in the particular type of legal tender agreed upon by contract, including any agreed upon discount or surcharge dependent upon the particular medium of exchange or method of payment employed between them.
     SECTION 6. The Attorney General shall employ all reasonable measures to ensure the full monetization, integrity, unfettered circulation and equal protection of gold and silver legal tender.

SECTION 7. This act shall take effect and be in force from and after July 1, 2012.