Creates and modifies provisions relating to gold and silver
Summary
SB 25 makes two broad changes to Missouri law. First, it amends the state income tax code to add a new subtraction from Missouri adjusted gross income for the portion of capital gain realized from the sale or exchange of “specie” beginning in tax year 2026. The bill defines specie as gold and silver bullion or coin meeting specified characteristics, and it also updates the tax code’s existing definitions and cross-references related to income modifications.
Second, the bill rewrites Missouri’s legal-tender statute into a “Constitutional Money Act.” It provides that specie legal tender and electronic currency backed by gold and silver may be accepted for payment of public debts and, at the receiving party’s discretion, private debts. It also authorizes employers to pay wages in specie legal tender if requested by an employee, directs the Department of Revenue to promulgate rules for acceptance and verification, and prohibits state and local governments from seizing, restricting, or discriminating against the use of specie legal tender or electronic currency, subject to existing law.
Impact
The bill would amend sections 143.121 and 408.010, RSMo, and would create a new Missouri income tax subtraction for capital gains from the sale or exchange of specie starting January 1, 2026. It would also substantially expand and modernize Missouri’s legal-tender framework by defining gold- and silver-based specie, recognizing electronic currency tied to physical specie, and setting rules for their use in public and private transactions. The Department of Revenue would gain rulemaking responsibilities, and the Department of Agriculture would continue to administer verification processes only for the bill’s existing beginning-farmer tax provisions, which remain in the statute as part of the broader section rewrite.
Sentiment
No committee transcripts or recorded votes were provided, so there is no direct evidence of legislative debate or formal support/opposition in the available materials. Based on the bill text alone, the measure appears to be framed as a pro-precious-metals and pro-alternative-currency bill, with an emphasis on expanding payment options and providing tax treatment favorable to gold and silver transactions.
Contention
The likely points of contention are the bill’s treatment of specie and electronic currency as legal tender-like payment options, its limits on state and local interference, and the practical burden of verifying weight and purity when physical specie is used. Another possible point of debate is the new tax preference for capital gains on specie, which could be viewed as a targeted tax benefit for holders and traders of precious metals. Supporters would likely emphasize monetary choice, asset protection, and broader acceptance of gold and silver; critics would likely question administrative complexity, consumer protections, and the policy rationale for privileging precious-metals transactions over ordinary currency.