Alaska passes gold and silver legal tender bill, exempting precious metals from sales tax
Alaska's Senate has passed HB 1 by 19 votes to 1, recognising gold and silver as legal tender and exempting specie transactions from local sales taxes, with the bill now heading to the governor.
Summary:
- The Alaska State Senate passed House Bill 1 by a vote of 19-1 on May 11, 2026, recognising gold and silver specie as legal tender and clarifying their tax treatment, according to a joint press release from the offices of Representative Kevin McCabe and Senator Mike Cronk
- HB 1 previously cleared the Alaska House unanimously by 40 votes to zero following collaboration with municipalities, stakeholders, and legislators, per the same release
- The legislation recognises gold and silver coins and stamped bullion as legal tender to the fullest extent permitted under federal law, and ensures specie transactions are not subject to local sales or use taxes, according to the legislative release
- The bill does not compel individuals or businesses to accept or use specie, preserving voluntary transactional choice, per the release
- HB 1 also directs the Legislative Budget and Audit Committee to study the potential recognition of additional future monetary instruments, according to the release
- Supporters argued that taxing bullion puts Alaska dealers at a competitive disadvantage against online retailers operating from other states, and that removing the tax promotes investment in the state, per background material accompanying the legislation
- The bill now moves to Governor Mike Dunleavy for consideration, per the legislative release
Alaska has moved to formally recognise gold and silver as legal tender following a near-unanimous vote in the state Senate, advancing legislation that supporters say will protect financial freedom and level the playing field for local bullion dealers competing against tax-free online rivals.
House Bill 1, known as the Sound Money Legislation, cleared the Alaska State Senate by 19 votes to one on May 11, sending the bill to Governor Mike Dunleavy for final consideration. The legislation had already passed the Alaska House without a single dissenting vote, clearing by 40 votes to zero after what sponsors described as extensive engagement with municipalities, industry stakeholders, and legislators across the state.
The bill, sponsored by Representative Kevin McCabe of Big Lake, formally recognises gold and silver coins and stamped bullion as legal tender to the fullest extent permitted under federal law. Critically, it also ensures that transactions conducted in specie are not treated as taxable commodity exchanges for the purposes of local sales or use taxes, removing a friction that critics argued was penalising Alaskans who chose to transact in constitutional forms of money.
Importantly, the legislation does not impose any obligation on individuals or businesses to accept precious metals as payment. The framework is designed to expand choice rather than compel behaviour, preserving the voluntary nature of monetary transactions while extending formal recognition to gold and silver as legitimate financial instruments.
The Senate companion measure, SB 162, was carried by Senator Mike Cronk of the Tok/Northway district, who worked alongside Representative McCabe throughout the legislative process. Both sponsors framed the bill in terms of constitutional principle and economic sovereignty, arguing that Alaska should not penalise residents for using forms of money that have underpinned the financial system since the country's founding.
The legislation also contains a forward-looking provision, directing the Legislative Budget and Audit Committee to examine whether additional monetary instruments or technologies might warrant recognition as legal tender in the future, positioning Alaska to adapt its policy framework as the financial landscape evolves.
The broader context for the bill is a sustained and growing movement across US states to reassert the monetary status of precious metals. Supporters of sound money legislation have long argued that treating investment-grade gold, silver, and platinum bullion as taxable retail goods, in the same category as consumer products, creates an uneven competitive environment that disadvantages domestic dealers against out-of-state and online competitors operating from jurisdictions with no such levy. Eliminating the tax, they contend, encourages domestic investment in physical metals and aligns state law more closely with the constitutional framework governing money.
With the bill now on the governor's desk, Alaska is positioned to become the latest state to formally embed precious metals recognition into its legal and fiscal architecture.
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The passage of HB 1 adds Alaska to a growing list of US states moving to formalise the monetary status of precious metals, a trend that incrementally reinforces institutional legitimacy for gold and silver as financial assets beyond traditional commodity classification. While the immediate effect on bullion demand from a single state is modest, the legislative momentum across multiple jurisdictions signals a broader political appetite for sound money frameworks that could support long-term retail and investment demand for physical metals. The explicit removal of sales tax treatment for specie transactions is also likely to improve the competitive position of Alaska-based bullion dealers relative to out-of-state and online competitors, potentially lifting local physical market activity.
This article was written by Eamonn Sheridan at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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