Kansas 2025-2026 Regular Session

Kansas Senate Bill SB115

Introduced
1/30/25  

Caption

Enacting the Kansas bullion depository act to authorize the state treasurer to establish, administer or contract for the administration of bullion depositories and allowing for state moneys to be deposited in such bullion depositories and invested in specie legal tender.

Impact

If passed, SB115 will significantly alter the landscape of state financial management by allowing state agencies, municipalities, and other entities to invest in or store bullion. Previously, such investments may not have been included in state treasuries' practices. This act promotes the inclusion of precious metals in financial planning, indicating a shift towards diversifying state assets and exploring alternative forms of wealth preservation amidst economic volatility.

Summary

Senate Bill 115 aims to establish the Kansas Bullion Depository Act, which authorizes the state treasurer to create and manage bullion depositories for the secure storage of precious metals like gold and silver. The bill sets forth the legal framework for establishing depositories where state funds can be deposited in the form of bullion. This act is particularly noteworthy as it allows the state to treat bullion investments as part of its official financial reserves, potentially changing the nature of how public funds are managed and invested in Kansas.

Conclusion

Overall, SB115 represents a bold initiative to modernize state financial operations through the establishment of bullion depositories. With its potential to strengthen the state's financial foundation, it could spark debate about the effectiveness and security of investing in precious metals. Supporters argue it enables the state to leverage the stability of physical assets, while critics may call for more stringent controls and transparency within the proposed framework.

Contention

One potential point of contention surrounding SB115 is the implications of having a state-managed bullion depository. Concerns may arise regarding the security measures put in place to protect state assets, particularly the risks associated with theft or mismanagement. The bill mandates that comprehensive audits and records must be maintained, yet critics might question whether these provisions provide sufficient safeguards against potential financial mismanagement or conflicts of interest within the administration of such depositories.

Companion Bills

No companion bills found.

Previously Filed As

KS HB2002

Expanding medical assistance eligibility and enacting the cutting healthcare costs for all Kansans act.

KS HB2001

Authorizing the secretary of commerce to enter into agreements with major professional sports franchises to establish STAR bond projects for a major professional sports complex, providing for additional revenue sources, expanding the powers and discretion of the secretary and making other changes to the STAR bonds financing act to facilitate such projects, limiting the secretary’s authority to approve such projects to one year unless extended by the legislative coordinating council, authorizing the Kansas development finance authority to issue STAR bonds for such projects, transferring funds under certain circumstances from the state gaming revenues fund to the attracting professional sports to Kansas fund for the fiscal year ending June 30, 2025, and, if approved by the legislative coordinating council, for the fiscal year ending June 30, 2026.

KS SB1

Modifying income tax rates for individuals, exempting all social security benefits from Kansas income tax, increasing the Kansas standard deduction and the Kansas personal exemption, increasing the income tax credit amount for household and dependent care expenses, decreasing the privilege tax normal tax, excluding internal revenue code section 1031 exchange transactions as indicators of fair market value for property tax valuation purposes, increasing the extent of property tax exemption for residential property from the statewide school levy, providing for certain transfers to the state school district finance fund and abolishing the local ad valorem tax reduction fund and the county and city revenue sharing fund.

KS SB7

Authorizing federally licensed firearm dealers, in addition to county sheriffs, to receive applications for concealed carry licenses and forward such applications to the attorney general, prohibiting sheriffs from assessing any fee related to application services and allowing dealers to assess a fee related to application services not to exceed $20.

KS SB2

Eliminating the income limit to qualify for the subtraction modification exempting social security benefits, increasing the income tax credit amount for household and dependent care expenses, establishing the veterans' valor property tax relief act providing for an income tax credit or refund for eligible individuals, citing the increased property tax homestead refund claim section as the homeowners' property tax freeze program, decreasing the normal privilege tax rate, increasing the extent of property tax exemption for residential property from the statewide school levy, decreasing the rate of ad valorem tax imposed by a school district; providing for certain transfers to the state school district finance fund, reducing the state rate of tax on sales of food and food ingredients and modifying the percent credited to the state highway fund from revenue collected.

KS SCR1602

Approving the creation of a port authority in Wyandotte County Kansas.

KS SCR1603

Proposing to amend section 1 of article 11 of the constitution of the state of Kansas to limit property tax valuation increases for residential property.

KS SCR1604

Proposing to amend section 1 of article 11 of the constitution of the state of Kansas to limit property tax valuation increases for real property and personal property mobile homes.

KS HB2003

Establishing the veterans' valor property tax relief act providing for an income tax credit or refund for eligible individuals, modifying the definition of household income and increasing the appraised value threshold for eligibility of seniors and disabled veterans related to increased property tax claims and citing the section as the homeowners' property tax freeze program, providing property tax exemptions for certain personal property including watercraft, marine equipment, off-road vehicles, motorized bicycles and certain trailers, excluding internal revenue code section 1031 exchange transactions as indicators of fair market value, providing for certain exclusions from the prohibition of paying taxes under protest after a valuation notice appeal and providing four prior years' values on the annual valuation notice.

KS SB8

Exempting the sale of firearms, firearms accessories, ammunition, firearm safes and firearm safety devices from the retatilers' sales tax.

Similar Bills

MI HB4086

State finance: other; office of the Michigan bullion depository and Michcoin act; create. Creates new act.

MS SB2082

Mississippi Bullion Depository; establish in State Treasury.

MS HB1044

Mississippi Bullion Depository; establish.

AZ SB1096

Bullion depository; establishment

MS HB1042

Mississippi Bullion Depository; establish.

MS HB1043

Mississippi Bullion Depository; establish and authorize fractional reserve currency.

NJ S844

Establishes New Jersey Bullion Depository for secure precious metals storage.

WV HB4673

To make gold, silver, and crypto currency legal tender in WV