04/23/2024 03:30 PM Senate STATE AFFAIRS

         HB   3-GOLD AND SILVER SPECIE AS LEGAL TENDER                                                                      
                                                                                                                                
3:43:38 PM                                                                                                                    
CHAIR  KAWASAKI   reconvened  the   meeting  and   announced  the                                                               
consideration of CS  FOR HOUSE BILL NO. 3(FIN),  "An Act relating                                                               
to specie as  legal tender in the state; and  relating to borough                                                               
and city sales and use taxes on specie."                                                                                        
                                                                                                                                
3:43:56 PM                                                                                                                    
SENATOR KAWASAKI solicited a motion.                                                                                            
                                                                                                                                
3:44:20 PM                                                                                                                    
SENATOR MERRICK  moved to adopt  the Senate  committee substitute                                                               
(SCS)  for  CSHB  3,  work  order  33-LS0087\R,  as  the  working                                                               
document.                                                                                                                       
                                                                                                                                
3:44:31 PM                                                                                                                    
SENATOR KAWASAKI objected for purposes of discussion.                                                                           
                                                                                                                                
3:44:47 PM                                                                                                                    
REPRESENTATIVE   KEVIN   MCCABE,   District  30,   Alaska   State                                                               
Legislature,  Juneau, Alaska,  sponsor  of HB  3, explained  that                                                               
this legislation would allow gold and  silver to be used as legal                                                               
tender  in Alaska  without  being subject  to  taxation. He  said                                                               
there  have  been  discussions  surrounding  tax  liabilities  to                                                               
cities,  etc. His  office conducted  an  analysis and  determined                                                               
that  the  aggregate  tax  loss  would  be  $13,000.  He  briefly                                                               
explained  how this  number  was  reached. He  said  that he  has                                                               
spoken with some mayors who have  expressed that this amount is a                                                               
"hedge" that  allows gold and  silver to be spent,  enabling them                                                               
to keep cities afloat in the event of a fiscal crisis.                                                                          
                                                                                                                                
3:46:44 PM                                                                                                                    
[CHAIR  KAWASAKI  removed  his  objection. He  found  no  further                                                               
objection and SCS CSHB 3 was adopted.]                                                                                          
                                                                                                                                
3:46:45 PM                                                                                                                    
CHAIR KAWASAKI solicited the will of the committee.                                                                             
                                                                                                                                
3:46:48 PM                                                                                                                    
SENATOR  MERRICK moved  to  report  SCS CSHB  3,  work order  33-                                                               
LS0087\R,  from  committee  with individual  recommendations  and                                                               
attached fiscal note(s).                                                                                                        
                                                                                                                                
3:47:04 PM                                                                                                                    
CHAIR  KAWASAKI  found  no  objection and  SCS  CSHB  3(STA)  was                                                               
reported from committee.