This Summer Gold & Silver Become Tax-Free Legal Tender in Florida

 Gold and silver will become legal tender in Florida for everyday transactions this summer.

Under the new law, businesses and financial institutions must accept gold and silver as payment for routine purchases starting July 1. The House Insurance and Banking Subcommittee advanced HB-1311 to formalize the rules allowing gold and silver to be used to settle debts, free from sales tax.

The bill’s sponsor, Rep. Doug Bankson, says these metals can be used through electronic transactions or with coins clearly stamped to show their weight and purity.

Previously, precious metals used in commerce were subject to capital gains taxes. The new currency options, however, are not taxed and provide an alternative to the U.S. dollar. ♥