This bill amends existing laws in Alaska to clarify the treatment of specie—gold and silver—as legal tender and to establish regulations regarding borough and city sales and use taxes on such specie. Notably, it introduces a provision that prohibits boroughs and cities from levying or collecting sales or use taxes on the value of gold or silver contained within specie during its sale or exchange. This new language is added to both AS 29.45.650 and AS 29.45.700, ensuring that municipalities cannot impose taxes on these transactions. Additionally, the bill expands the definition of legal tender to include specie issued by the federal government, recognized foreign governments, and the state government under certain conditions.

Furthermore, the bill mandates that the Legislative Budget and Audit Committee study the feasibility of establishing additional forms of legal tender for debts owed to the state, as well as consumer protections related to the sale and use of specie. The committee is tasked with preparing legislation if it finds that additional forms of tender are practical and beneficial. The bill aims to enhance the legal framework surrounding specie as a medium of exchange while ensuring that local governments cannot impose taxes that could hinder its use.

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
HB0001B, AM CSHB 1(STA), introduced 05/18/2025: 29.10.200, 29.45.650, 29.45.700, 04.21.010, 29.45.750, 44.12.400