The bill amends Oklahoma's laws regarding the use of gold and silver coins as legal tender, defining "legal tender" and "specie" while allowing gold and silver bullion to be used for public and private debt payments. It prohibits individuals from being forced to accept specie unless agreed upon in a contract and establishes that transactions involving specie will not incur tax liabilities or be assessed as personal property for taxation. The State Treasurer is tasked with creating a plan to store at least 10% of state fund balances in gold and silver and to permit taxpayers to pay ad valorem taxes using these forms of currency.

Additionally, the bill proposes various amendments to the tax code, including the introduction of personal exemptions and standard deductions for individual taxpayers, with specific amounts set for tax years 2006 through 2009. It allows full deductibility of moving expenses for residents moving within or into Oklahoma, while excluding those moving out, and includes provisions for military personnel regarding income tax deductions. The bill also clarifies the treatment of captive real estate investment trusts (REITs) and ensures consistency with the Internal Revenue Code. Overall, the bill aims to modernize the legal framework surrounding specie and improve the tax structure to promote economic growth in the state.

Statutes affected:
Introduced: 68-2358