The bill amends existing laws regarding the treatment of specie as legal tender in Alaska, specifically addressing borough and city sales and use taxes on specie. It introduces new provisions that prohibit 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 applies to both home rule and general law municipalities. Additionally, the bill updates the definitions 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 the Legislative Budget and Audit Committee to 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 amendments also clarify the definition of "legal tender" and "specie," ensuring that the legal framework surrounding these terms is comprehensive and up-to-date.

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