This bill aims to promote the voluntary use of certain precious metals, specifically coins and bullion, as consideration in contracts. It introduces a new section to the Arkansas Code that mandates specific performance as the remedy for breaches of contracts that include these precious metals. The bill defines "bullion" and "coin" in detail, emphasizing their intrinsic value rather than their representative value as legal tender. Additionally, it stipulates that no individual can be compelled to accept coins or bullion as legal tender unless explicitly stated in a contract.

Furthermore, the bill amends the Arkansas Code regarding income tax to exempt any gains realized from the sale of coins or bullion from gross income. This exemption is designed to encourage the trading and use of these precious metals without the burden of taxation on profits. The effective date for the provisions outlined in Section 1 is set for tax years beginning on or after January 1, 2023.

Statutes affected:
HB 1630: 26-51-815