Florida Senate - 2025                                     SB 132
       
       
        
       By Senator Rodriguez
       
       
       
       
       
       40-00536-25                                            2025132__
    1                        A bill to be entitled                      
    2         An act relating to legal tender; creating s. 215.986,
    3         F.S.; defining terms; specifying that specie legal
    4         tender and electronic currency are legal tender;
    5         prohibiting specie or specie legal tender from being
    6         characterized as personal property for taxation and
    7         regulatory purposes; specifying that certain
    8         transactions of specie do not give rise to tax
    9         liability; providing that exchange of one type or form
   10         of legal tender for another type or form of legal
   11         tender does not give rise to tax liability;
   12         prohibiting persons from compelling others to tender
   13         or accept specie as legal tender; authorizing
   14         governmental entities to recognize specie legal tender
   15         for certain payments; requiring the Chief Financial
   16         Officer to adopt rules; providing an effective date.
   17          
   18  Be It Enacted by the Legislature of the State of Florida:
   19  
   20         Section 1. Section 215.986, Florida Statutes, is created to
   21  read:
   22         215.986 Specie legal tender and electronic currency as
   23  legal tender; prohibitions; tax liabilities; payment of debts.—
   24         (1) As used in this section, the term:
   25         (a) “Bullion” means refined precious metal in any shape or
   26  form with uniform content and purity, including, but not limited
   27  to, coins, rounds, bars, ingots, and any other products, which
   28  is:
   29         1. Stamped or imprinted with the weight and purity of the
   30  precious metal that it contains; and
   31         2. Valued primarily based on its metal content and not on
   32  its form and function.
   33         (b) “Electronic currency” means a representation of
   34  physical gold, silver, specie, or bullion which may be
   35  transferred through a digital transaction by the owner of such
   36  currency and which is fully redeemable as physical gold, silver,
   37  specie, or bullion. Such representation must reflect the exact
   38  units of physical gold, silver, specie, or bullion in its
   39  fractional troy ounce measurement or grams.
   40         (c) “Legal tender” means a recognized medium of exchange
   41  authorized by the United States Congress or by any state
   42  pursuant to s. 8 or s. 10, Art. I of the United States
   43  Constitution, respectively, for the payment of debts, public
   44  charges, taxes, or dues.
   45         (d) “Precious metal” means gold or silver.
   46         (e) “Specie” means coin having gold or silver content and
   47  bullion.
   48         (f) “Specie legal tender” means:
   49         1. Specie coin issued by the Federal Government at any
   50  time;
   51         2. Specie coin issued by any foreign government at any
   52  time; or
   53         3. Any other specie recognized by this state or any other
   54  state pursuant to s. 10, Art. I of the United States
   55  Constitution.
   56         (2)(a) Specie legal tender and electronic currency are
   57  legal tender.
   58         (b) Specie or specie legal tender may not be characterized
   59  as personal property for taxation or regulatory purposes.
   60         (c) The purchase or sale of any type or form of specie does
   61  not give rise to any tax liability.
   62         (d) The exchange of one type or form of legal tender for
   63  another type or form of legal tender does not give rise to any
   64  tax liability.
   65         (e) Unless specifically provided by the State Constitution
   66  or general law or by contract, a person may not compel another
   67  person to tender specie or to accept specie as legal tender.
   68         (f) Specie legal tender may be recognized to pay private
   69  debts, taxes, and fees levied by the state or local government
   70  or any subdivision thereof.
   71         (3) The Chief Financial Officer shall adopt rules regarding
   72  the acceptance of specie legal tender as payment for any public
   73  debt, tax, fee, or obligation owed.
   74         Section 2. This act shall take effect July 1, 2025.