Indiana would recognize certain gold and silver for payment

Indiana would recognize certain gold and silver products as legal tender, meaning they could be used for payment. The products would be gold or silver pieces made for use as money. They could be recognized for private debts, taxes, and state or local fees. Unless a law or contract specifically says otherwise, no one could force another person to pay or accept these products. A winning party could get a court order requiring someone to honor a contract term that expressly names the form of gold or silver payment. If enacted, these payment rules would take effect July 1, 2026.

The state treasurer would designate storage vaults and arrange an electronic payment system. Indiana residents and organizations based in Indiana could open accounts at designated vaults. Account holders would need an agreement with a designated vault and could buy, sell, deposit, or withdraw metal under its terms. Participating sellers could process electronic payments using eligible metal held in a vault. The treasurer would have to designate vaults and arrange the payment system by December 31, 2027.

State and local agencies could use designated vaults, while the treasurer would arrange independent audits. Audits would cover every designated vault and check its metal holdings and security. Designated vaults could receive state or local public deposits, and the treasurer could deposit part of state funds there as metal. Public audit reports would omit private account holders’ identities; government accounts could be identified. If enacted, these rules would take effect July 1, 2026. Audits would be due within 30 days after each state fiscal year.

Indiana would exempt bullion from property tax and certain precious metal transactions from state sales tax. The property tax rule would apply to bullion. The sales tax rules would apply to the listed exchanges and metal products. Bullion means refined gold or silver valued mainly for its metal content. The sales tax provisions would cover exchanges between forms of legal tender and purchases, sales, or exchanges of gold or silver products made for use as money. The property tax rule would apply to assessment dates after December 31, 2026. If enacted, the sales tax provisions would take effect July 1, 2026.