Arizona Passes Bill To End Income Taxation On Gold And Silver

Comments

  • CampeadorCampeador Posts: 101 Copper ✭✭
    From Zero Hedge Article

    "Sound money advocates scored a major victory on Wednesday, when the Arizona state senate voted 16-13 to remove all income taxation of precious metals at the state level. The measure heads to Governor Doug Ducey, who is expected to sign it into law.

    Under House Bill 2014, introduced by Representative Mark Finchem (R-Tucson), Arizona taxpayers will simply back out all precious metals “gains” and “losses” reported on their federal tax returns from the calculation of their Arizona adjusted gross income (AGI)"

    %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%

    CORRECTED Jan 08 2015
    PREFILED Jan 06 2015
    REFERENCE TITLE: adoption of daylight saving time
    State of Arizona
    House of Representatives
    Fifty-second Legislature
    First Regular Session
    2015
    HB 2014
    Introduced by
    Representatives Lovas: Allen J, Boyer
    AN ACT
    AMENDING SECTION 1-242, ARIZONA REVISED STATUTES; RELATING TO DAYLIGHT SAVING TIME.

    (TEXT OF BILL BEGINS ON NEXT PAGE)

    1 Be it enacted by the Legislature of the State of Arizona:
    2 Section 1. Section 1-242, Arizona Revised Statutes, is amended to
    3 read:
    4 1-242. Standard time
    5 A. The standard time in Arizona shall be the solar time of the one
    6 hundred fifth meridian west of Greenwich, commonly known as standard mountain
    7 time.
    8 B. This section shall not be construed to affect the standard time
    9 established by United States law governing the movements of common carriers
    10 engaged in interstate commerce or the time for performance of an act by an
    11 officer or department of the United States, as established by a statute,
    12 lawful order, rule or regulation of the United States or an agency thereof.
    13 C. Notwithstanding any other provision of law to the contrary by the
    14 United States government relating to adoption of daylight saving time by all
    15 of the states
    SUBSECTION A OF THIS SECTION, the state of Arizona elects to
    16 reject such
    ADOPT DAYLIGHT SAVING time and elects to continue in force the
    17 terms of subsection A, relating to standard time in Arizona.
    18 D. The rejection of daylight saving time as provided for in this
    19 section may be changed by future legislative action.


    I call it a Hoax; double check the sources :smiley:

    Arizona Legislature Website...
    http://www.azleg.gov/legtext/52leg/1r/bills/hb2014p.pdf
  • CampeadorCampeador Posts: 101 Copper ✭✭
    However... This is real in Oklahoma.

    Gold and silver coins; establishing gold and silver coins as legal tender; modifying qualifications relating to exemption. Effective date.

    http://www.oklegislature.gov/BillInfo.aspx?Bill=sb862&Session=1400

    BILL SUMMARY
    2nd Session of the 54th Legislature

    Bill No.: SB 862

    Version: ENGR

    Request Number: NA

    Author: Rep. Banz

    Date: 4/1/2014

    Impact: Tax Commission:

    Sales Tax:
    FY-15 Decrease of $193,000
    FY-16 Decrease of $344,232

    Income Tax:
    FY-15 Decrease of $0
    FY-16 Decrease of $580,000

    Research Analysis
    Engrossed SB862 exempts from state taxable income any amount of net capital gains which results from the sale or exchange of gold or silver for another form of legal currency. The exemption would take effect beginning January 1, 2015. The measure also removes the requirement that gold, silver, platinum, palladium or other precious metal items be stored within a recognized depository facility in order to be exempt from state sales tax.

    Prepared By: Quyen Do

    Fiscal Analysis

    Sales Tax:
    Based on Tax Commission remittance records an estimated $309,523 is attributable to sales of gold, silver, palladium and other bullion (FY-13). Estimates for FY-15 approach $330,992. With a November 1, 2014 effective date, FY-15 sales tax collections are estimated to decrease by $193,079 and, adjusted for growth, FY-16 collections would e reduced by $344,232. Income Tax Utah enacted a similar capital gains incentive and, based on their estimate, 0.5 percent of all reported capital gains would occur from sales or exchanges of gold or silver. Analyzing Oklahoma capital gains data from 2005 through 2010 an average of $4.55 billion in net gains was realized. Assuming the 0.5 percent value, the Oklahoma estimated amount nears $22,750,000 from gold or silver. Reducing the amount by the exclusion in 68 O.S., Section 2358(F), approximately $11,040,000 in gains are realized. The current top marginal income tax rate of 5.25 percent is applied under the expectation that most of the gains would be taxed in the highest bracket, resulting in a potential net decrease in collections of $580,000.
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