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<p>[QUOTE=&quot;NPCoin, post: 1132206, member: 5629&quot;]The Utah bill passed and sent to the governor was <a href="http://le.utah.gov/~2011/bills/hbillenr/hb0317.htm" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://le.utah.gov/~2011/bills/hbillenr/hb0317.htm" rel="nofollow">HB0317</a>.&nbsp; </p><p><br /></p><p>In my opinion, this bill does not espouse the use of a &quot;barter&quot; system. It simply reiterates Public Law (the legal tender status of coin minted by the federal government), and codifies legal tender coin as holding a value on the face as prescribed by Public Law.&nbsp; In my opinion, the removal of the phrase &quot;coins issued and deemed as legal tender by the federal government&quot; from the original draft to simply &quot;coins issued by the federal government&quot; is to curtail any future attempt by the federal government to redefine &quot;legal tender&quot; in any way, thus affecting their new law.</p><p><br /></p><p>And, the Utah law neither enacts the State minting of any commemoratives or such.&nbsp; It provides for the exchange of legal tender gold and silver coins for face value.&nbsp; If the coin is at any later date (whether as a short or long term capital gain) is sold for over face value, there would be a 5% capital gain tax implemented.</p><p><br /></p><p>This will allow Utah residents and businesses to hold federal issued gold and silver coins and claim face value for any other tax purposes including county or regional taxes.&nbsp; These coins may no longer be considered a resource or property held, but simple cash held.</p><p><br /></p><p>I would propose that this law will also allow the State of Utah to redefine its rules on government (both State and federal) assistance programs where resources are a consideration for eligibility.&nbsp; Instead of the need to claim $2800 in property resources for two $50 gold coins, only $100 would be claimed as cash held.&nbsp; This could allow more people to receive government assistance.</p><p><br /></p><p>One of the key points is that the long title explains that the law in no way intends to compel any person to use gold or silver as legal tender (even if they have it).&nbsp; Thus, I would view this as allowing the market value of the precious metal content to be used in valuing in the case of forfeiture by court order.</p><p><br /></p><p>In these savage economic times, I do not find it impossible to believe that State lawmakers may actually be looking for codifying legal loopholes to better the economic status of it&#039;s citizens as well as itself.[/QUOTE]</p><p><br /></p>

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