The bill amends existing laws regarding sales and use taxes in Alaska, specifically addressing the treatment of specie as legal tender. It introduces new provisions that prohibit boroughs and cities from levying or collecting sales or use taxes on the sale or exchange of specie, which is defined as gold or silver valued primarily based on its metal content. The amendments to AS 29.45.650 and AS 29.45.700 include the addition of new subsections (m) and (i), respectively, which clarify that these tax exemptions apply to both home rule and general law municipalities.

Additionally, the bill establishes a new section under AS 44.12 that defines legal tender in the state, including specie issued by the federal government, recognized foreign governments, or the state government under certain conditions. It also states that individuals are not required to accept gold or silver specie as payment. Furthermore, the Legislative Budget and Audit Committee is tasked with studying the potential for additional forms of legal tender and preparing legislation if deemed practical and beneficial.

Statutes affected:
HB0001A, AM HB 1, introduced 01/10/2025: 29.10.200, 29.45.650, 29.45.700, 04.21.010, 29.45.750, 44.12.400