Arkansas House Bill 1718, To Create The Arkansas Legal Tender Act; And To Reaffirm Gold And Silver Coin As Legal Tender, passed the House on April 3 and Senate on April 5. Governor Sarah Huckabee Sanders signed the bill into law on April 11, which goes into effect on July 6. The law will make gold and silver coins legal tender in the state.
The law amends the Arkansas legal code to include specie as legal tender, meaning gold and silver will be considered money. The bill makes prohibitions about compelling someone to pay or force acceptance of specie without a contract requiring such payment. Exchanging one form of tender for another will not be taxable (i.e., buying gold and silver with Dollars is forbidden from being a taxable event).
The law amends the Arkansas legal code to include specie as legal tender, meaning gold and silver will be considered money. The bill makes prohibitions about compelling someone to pay or force acceptance of specie without a contract requiring such payment. Exchanging one form of tender for another will not be taxable (i.e., buying gold and silver with Dollars is forbidden from being a taxable event).