HB 1614 creates a new chapter in the Indiana Code recognizing certain forms of gold and silver as legal tender in Indiana. It defines key terms such as bullion, specie, specie legal tender, precious metal, and electronic currency, and provides that specie legal tender and electronic currency may be used to pay private debts, taxes, and state or local fees. The bill also states that, unless a law or contract says otherwise, no person may be forced to tender or accept specie as legal tender.
The bill also makes related tax changes. It exempts from Indiana gross retail tax the sale or lease of storage for certain coins, bullion, and legal tender, and exempts exchanges of one form of legal tender for another from gross retail tax. In addition, it adds bullion to the list of property not subject to Indiana property tax assessment, beginning with assessments after December 31, 2025. The bill is effective July 1, 2025.
Impact
HB 1614 would amend Indiana’s property tax and sales tax statutes and add a new chapter to Title 26 governing gold and silver as legal tender. It would remove bullion from property tax assessment, exempt certain bullion- and coin-related storage transactions and legal-tender exchanges from gross retail tax, and formally recognize specie legal tender and electronic currency under state law. The bill would affect bullion owners, precious-metal dealers, storage providers, taxpayers, and parties to contracts that specify payment in specie.
Sentiment
The committee action suggests generally favorable sentiment toward the bill, as the House Committee on Financial Institutions reported it out with a Do Pass recommendation by a 12-1 vote. The available materials do not include floor debate or public testimony, so the broader political discussion is not visible here. Based on the committee vote, support appears to have been strong, with only limited opposition at the committee level.
Contention
The main points of potential contention are the bill’s recognition of specie and electronic currency as legal tender, its limitation that no one can be compelled to accept specie absent law or contract, and its tax exemptions for bullion-related transactions. These provisions could raise questions about state authority, contract enforcement, tax base impacts, and the practical treatment of precious metals in commerce. The bill also conditions recognition of some specie on a federal court determination, which may be seen as a safeguard by supporters and a limitation by critics.