The proposed bill establishes a legal framework in Oklahoma for the use of gold and silver bullion as acceptable forms of payment, allowing state employees, private businesses, and individuals to negotiate compensation in these precious metals. It mandates the creation of the Oklahoma Bullion Depository by the State Treasurer to manage gold and silver payments, while also permitting vendors and employees to choose their payment method—gold, silver, or U.S. dollars—valued at the prevailing global market rate. The bill outlines a fee structure for the depository's services, with all revenue from transaction fees contributing to the state's General Revenue Fund. Additionally, it amends existing laws to authorize investments in gold and silver by the State Treasurer, requiring committee approval and specific reporting.

The bill also proposes amendments to the Oklahoma income tax code, focusing on adjustments to deductions and exemptions for individual taxpayers. It introduces new standard deduction amounts based on filing status and allows for deductions related to contributions to Oklahoma College Savings Plan accounts, with provisions for unused contributions to be carried forward. Furthermore, it establishes exemptions for military personnel and retirement benefits, as well as a new deduction for individuals who donate human organs. The bill aims to streamline tax calculations, provide tax relief, and align state tax provisions with federal standards, while ensuring specific groups receive appropriate considerations.

Statutes affected:
Introduced: 68-2358