Latest news with #HB999
Time of India
29-05-2025
- Business
- Time of India
Governor DeSantis signs bill to make gold and silver legal tender in Florida
Florida Governor Ron DeSantis signed a new law on Tuesday that officially recognises gold and silver coins as legal currency in the state and exempts them from sales tax. The move positions Florida as the largest state to take this step, with the law set to take effect on July 1, 2026, pending ratification by the state legislature. Addressing a press conference, DeSantis said, "We are the first large state to step up and to get this done." He further explained that the legislation would enable financial service providers, including PayPal and cheque-cashing establishments, to process transactions using precious metals. "This is right out of the Constitution of the United States. This legislation will authorise money services businesses to accept gold and silver coins that meet specific purity standards," he added. — BGatesIsaPyscho (@BGatesIsaPyscho) The governor highlighted Florida's position as the largest state to enact such legislation. The bill's sponsor, State Representative Bill Bankson of Apopka, explained that the legislation seeks to "eliminate the tax burden and make it a functional means of transaction between willing parties." DeSantis said the bill would give Floridians more financial tools and help shield their wealth from inflation and federal spending policies. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo "Florida stands firmly for freedom, economic self-determination, and resistance to government overreach. But for too long, outdated regulations and unnecessary sales taxes have made it impractical for Floridians to enter the gold and silver market. I signed HB 999 today to change that, by initiating the process to recognize gold and silver as legal tender in our state and, with rule ratification from the legislature, free from sales tax," the governor wrote in a post on X. In a separate post, he said, "From defunding ESG to fighting de-banking, we've taken actions to protect Floridians from the push for more centralized control over currency and transactions. Today, I was pleased to sign HB 999, through which Florida will exercise its authority under the US Constitution to recognize gold and silver as legal tender." "HB 999 will give Floridians greater financial freedom and more tools to safeguard their hard-earned money. Moreover, this legislation supports inflation-proof assets, so Floridians' wealth is not at the whim of our federal government's reckless spending addiction." he added. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
India.com
29-05-2025
- Business
- India.com
People In THIS State Can Make Everyday Transactions In Gold And Silver; Precious Metals Are Now Legal Tender
photoDetails english 2907683 Updated:May 29, 2025, 10:12 AM IST Florida passes HB 999 Making Gold, silver legal for transactions 1 / 7 The government of Florida has signed a bill that will allow gold and silver as legal tender for everyday transactions. This law will authorise money services businesses to accept gold and silver coins as payment. Florida CS/HB 999 Law 2 / 7 Florida Governor Ron DeSantis signed CS/HB 999 into law on Tuesday. With this move, Florida has become the first major US state to recognise gold and silver as legal tender for regular transactions. Florida Transaction In Gold 3 / 7 Speaking during a press conference, DeSantis said, 'We are the first large state to step up and to get this done.' DeSantis added that the law would allow money service businesses, such as PayPal and check cashers, to send and receive payments in precious metals. 'This is right out of the Constitution of the United States. This legislation will authorise money services businesses to accept gold and silver coins that meet specific purity standards,' he said. The law supports inflation-proof assets 4 / 7 According to DeSantis, the law supports inflation-proof assets. In a post on X, DeSantis said, 'HB 999 will give Floridians greater financial freedom and more tools to safeguard their hard-earned money. Moreover, this legislation supports inflation-proof assets, so Floridians' wealth is not at the whim of our federal government's reckless spending addiction.' Sales tax exemption 5 / 7 Under the bill, gold and silver coins that satisfy certain purity requirements will be accepted as legal money and will not be subject to sales tax. The move aims to promote the wider adoption of precious metals as a functional currency in everyday transactions. Centralised currency control 6 / 7 DeSantis presented the bill as part of his larger initiative to challenge centralised authority over financial transactions. Gold and silver legislation 7 / 7 'This legislation ensures that gold and silver can start functioning like real currency again—not just investment vehicles for the wealthy,' DeSantis said.
Yahoo
29-05-2025
- Business
- Yahoo
Ron DeSantis Signs Law Allowing Gold, Silver For Transactions In Florida, Citing 'Declining Dollar' Concerns
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Florida Governor Ron DeSantis has enacted a new law, opening the doors for transactions using gold and silver in the state. This move is seen as a nod to the original 'gold standard.' What Happened: DeSantis signed the bill, HB 999, into law, allowing Floridians to use gold and silver for transactions. DeSantis hailed this as a 'landmark piece of legislation,' offering residents 'more independence' from a fiat currency, reported First Coast News. Under the new law, gold and silver are now exempt from sales tax, and money services businesses like PayPal (NASDAQ:PYPL) are allowed to send and receive payments using these metals. Don't Miss: Start investing with eToro's CopyTrader — mirror top-performing traders with no management fees, and receive a $10 bonus when you deposit $100 today. Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — you can become an investor for $0.80 per share today. DeSantis expressed that the metals will serve as 'real currency again' and not just 'investment vehicles for the wealthy.' He believes that the law would enable Florida residents to safeguard themselves against 'the declining dollar.' As of now, fewer than a quarter of all states—including Louisiana, Texas, South Carolina, and Utah—recognize gold and silver as legal tender. The new law is scheduled to go into effect on July 1, 2026. Why It Matters: This move comes at a time when the U.S. dollar's confidence is wavering. The recent slide of the U.S. dollar has reignited investor interest in gold. Factors such as geopolitical uncertainty and concerns over the long-term sustainability of American fiscal policy have been driving this trend. Moreover, the U.S. dollar was trading 15–20% above its long-term fair value. Analysts at KKR & Co. Inc. predicted the era of dollar-fueled outperformance in U.S. assets was likely nearing its end. According to them, the greenback may gradually fall below its fair value and stay weak for years, correcting its overvaluation through a prolonged, steady decline rather than a sharp crash. SPDR Gold Trust (NYSE:GLD) surged 39.56% over the past year, while the US Global GO GOLD and Precious Metal Miners ETF (NYSE:GOAU) soared 36.78%. Read Next: Nancy Pelosi Invested $5 Million In An AI Company Last Year — Here's How You Can Invest In Multiple Pre-IPO AI Startups With Just $1,000. Invest Where It Hurts — And Help Millions Heal: Invest in Cytonics and help disrupt a $390B Big Pharma stronghold. Image via ShutterstockSend To MSN: Send to MSN This article Ron DeSantis Signs Law Allowing Gold, Silver For Transactions In Florida, Citing 'Declining Dollar' Concerns originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-05-2025
- Business
- Yahoo
Floridians could soon be able to use gold and silver to pay for things
Gov. Ron DeSantis signed a bill Tuesday that starts the process of making gold and silver legal tender in the state. DeSantis said the move was a way to ensure Florida's financial freedom. The price of gold has been on the rise and recently hit record highs amid economic uncertainty. Gov. Ron DeSantis signed a bill on Tuesday that would recognize gold and silver as legal tender in the state, paving a path for Floridians to use the commodities in payment transactions. The bill, HB 999, starts the process of allowing government or private entities, such as businesses, to voluntarily accept gold and silver as a form of debt payment. The bill also outlines sales tax exemptions on the purchase of the precious metals if they meet the purity requirements or if the sale of the gold or silver exceeds $500. HB 999 is set to go into effect on July 1, 2026, if the Florida Legislature ratifies the rules to implement the bill before then. In a statement on X announcing the bill's signing, DeSantis said the move was to ensure the state's financial sovereignty. "Florida stands firmly for freedom, economic self-determination, and resistance to government overreach," the governor said. "But for too long, outdated regulations and unnecessary sales taxes have made it impractical for Floridians to enter the gold and silver market." Florida's recognition of the gold and silver follows in the footsteps of states like Utah, which implemented a law in 2011 to recognize gold and silver as legal tender and exempt coins from state taxes. The Florida bill states that gold coins must have 99.5% purity and silver coins must have 99.9% purity to be recognized as legal tender. The coins must also be stamped with their weight and purity, according to the bill. Governmental entities can also accept gold or silver but only in the form of electronic transfer, the bill states. While the price of silver has fluctuated over the years, gold has been on a yearslong rally, hitting a recent all-time high of $3,500 per ounce in April as investors continued to turn to the precious metal amid economic uncertainty. Gold's recent tear came as the Trump administration's trade policies and tariffs rattled the global economy and wiped out trillions from the stock market. "Whenever there's a lot of uncertainty, traders temporarily park their money in gold," Lina Thomas, commodities strategist for Goldman Sachs, wrote in a May 15 report. "When there's clarity, gold prices tend to drop again because traders know what to do with their money." Read the original article on Business Insider Sign in to access your portfolio
Business Insider
28-05-2025
- Business
- Business Insider
Floridians could soon be able to use gold and silver to pay for things
Gov. Ron DeSantis signed a bill on Tuesday that would recognize gold and silver as legal tender in the state, paving a path for Floridians to use the commodities in payment transactions. The bill, HB 999, starts the process of allowing government or private entities, such as businesses, to voluntarily accept gold and silver as a form of debt payment. The bill also outlines sales tax exemptions on the purchase of the precious metals if they meet the purity requirements or if the sale of the gold or silver exceeds $500. HB 999 is set to go into effect on July 1, 2026, if the Florida Legislature ratifies the rules to implement the bill before then. In a statement on X announcing the bill's signing, DeSantis said the move was to ensure the state's financial sovereignty. "Florida stands firmly for freedom, economic self-determination, and resistance to government overreach," the governor said. "But for too long, outdated regulations and unnecessary sales taxes have made it impractical for Floridians to enter the gold and silver market." Florida's recognition of the gold and silver follows in the footsteps of states like Utah, which implemented a law in 2011 to recognize gold and silver as legal tender and exempt coins from state taxes. The Florida bill states that gold coins must have 99.5% purity and silver coins must have 99.9% purity to be recognized as legal tender. The coins must also be stamped with their weight and purity, according to the bill. Governmental entities can also accept gold or silver but only in the form of electronic transfer, the bill states. While the price of silver has fluctuated over the years, gold has been on a yearslong rally, hitting a recent all-time high of $3,500 per ounce in April as investors continued to turn to the precious metal amid economic uncertainty. Gold's recent tear came as the Trump administration's trade policies and tariffs rattled the global economy and wiped out trillions from the stock market. "Whenever there's a lot of uncertainty, traders temporarily park their money in gold," Lina Thomas, commodities strategist for Goldman Sachs, wrote in a May 15 report. "When there's clarity, gold prices tend to drop again because traders know what to do with their money."
