This bill amends existing laws in Alaska to clarify the status of specie as legal tender and to prohibit boroughs and cities from levying sales or use taxes on the sale or exchange of specie. Specifically, it adds new subsections to AS 29.45.650 and AS 29.45.700, stating that neither boroughs nor cities may impose such taxes on specie transactions. The bill also updates the definitions of legal tender in AS 44.12.400, specifying that legal tender includes specie issued by the federal government, recognized foreign governments, and the state government under certain conditions.

Additionally, the bill outlines that while specie can be considered legal tender, individuals are not obligated to accept gold or silver specie as payment. It mandates the Legislative Budget and Audit Committee to study the feasibility of establishing additional forms of legal tender for state debts and to prepare legislation if deemed practical. The amendments include the insertion of new legal language regarding the prohibition of sales taxes on specie and the definition of legal tender, while deleting certain references to previous subsections in the sales tax statutes.

Statutes affected:
SB0162A, AM SB 162, introduced 04/09/2025: 29.10.200, 29.45.650, 29.45.700, 04.21.010, 29.45.750, 44.12.400