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2012 -- H 7631 | |
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LC01264 | |
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STATE OF RHODE ISLAND | |
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IN GENERAL ASSEMBLY | |
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JANUARY SESSION, A.D. 2012 | |
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A N A C T | |
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RELATING TO FINANCIAL INSTITUTIONS -LEGAL TENDER | |
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Introduced By: Representative Daniel P. Gordon | |
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Date Introduced: February 16, 2012 | |
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Referred To: House Corporations | |
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It is enacted by the General Assembly as follows: | |
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SECTION 1. Chapter 19-14 of the General Laws entitled "Licensed Activities" is hereby |
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amended by adding thereto the following section: |
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19-14-34. Legal tender. -- (a) Gold and silver coin issued by the federal government is |
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legal tender in the state. |
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(b) A person may not compel any other person to tender or accept gold and silver coin |
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that is issued by the federal government. |
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19-14-35. Nonrefundable tax credit for capital gain transactions on the exchange of |
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gold and silver coin for another form of legal tender. – (a) As used in this section: |
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(1) “Capital gain transaction” means a transaction that results in a: |
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(i) Short-term capital gain, as defined in section 1222, Internal Revenue Code; or |
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(ii) Long-term capital gain, as defined in section 1222, Internal Revenue Code. |
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(b) For taxable years beginning on or after January 1, 2012, a claimant, estate, or trust |
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may claim a nonrefundable tax credit equal to the product of: |
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(1) To the extent a capital gain is not offset by a capital loss under chapter 1, subchapter |
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P, capital gains and losses, Internal Revenue Code, the total amount of the claimant’s, estate’s, or |
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trust’s short-term capital gain or long-term capital gain on a capital gain transaction from an |
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exchange made on or after January 1, 2012, of gold or silver coin issued by the federal |
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government for another form of legal tender; and |
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(2) Five percent (5%). |
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(c) A claimant, estate, or trust may not carry forward or carry back a tax credit under this |
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section. |
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SECTION 2. Severability. If any provision of this chapter or the application thereof to |
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any person or circumstances is held invalid, such invalidity shall not affect other provisions or |
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applications of the chapter, which can be given effect without the invalid provision or application, |
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and to this end the provisions of this chapter are declared to be severable. |
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SECTION 3. This act shall take effect upon passage. |
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LC01264 | |
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EXPLANATION | |
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BY THE LEGISLATIVE COUNCIL | |
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OF | |
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A N A C T | |
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RELATING TO FINANCIAL INSTITUTIONS -LEGAL TENDER | |
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This act would make gold and silver coin issued by the federal government legal tender |
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in the state. |
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This act would take effect upon passage. |
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LC01264 | |
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