This bill proposes the acceptance of gold and silver coins, as well as electronic gold currency, as valid methods for paying certain state taxes. The Department of Revenue is authorized to create a state composite media of exchange containing gold, referred to as "Treasure State bucks" or "Montana Oro y Plata." Taxpayers will be allowed to use these forms of currency for tax payments without being required to do so, and the department will have the authority to establish necessary rules and definitions related to this new payment method. Additionally, the bill introduces tax credits for individuals and corporations that utilize gold and silver coins or electronic gold currency for tax payments, with a credit amounting to 1% of the value of the currency used, capped at $10,000.

The bill also amends existing tax credit review processes to include the new credits for using gold and silver coins or electronic gold currency. It specifies that these credits will be reviewed by the revenue interim committee during designated bienniums. Furthermore, the definition of "money" in the context of state expenditures is expanded to include gold and silver coins and electronic gold currency. The provisions of this act will apply to tax payments made after December 31, 2023, ensuring that the new payment methods and associated credits are implemented in a structured manner.

Statutes affected:
Introduced: 15-30-2303, 17-8-301