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Tennessee legislators propose a state bullion depository
From Money Metals News Service
Eagle, Idaho
Thursday, January 12, 2023
Building on the success of passing a full sales tax exemption on precious metals (HB 1874 and SB 1857) in 2022, lawmakers in Tennessee have set their sights on another pro-sound money effort: an in-state bullion depository.
Sen. Frank Niceley has introduced Senate Bill 150, the Tennessee Bullion Depository Act. It would establish a depository to operate either exclusively or nonexclusively as a precious metals depository and may be held and operated privately. A House version of the bill, sponsored by Rep. Bud Hulsey, is expected to be introduced soon
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Sen. Niceley and Rep. Hulsey are champions of sound money, earning them the 2022 Sound Money Legislator of the Year award last year for their work on eliminating Tennessee's state sales tax on gold and silver.
The depository would serve as the custodian, guardian, and administrator of certain bullion and specie that may be deposited with the depository by the State of Tennessee, a political subdivision, another instrumentality of the state, or by a private individual, party, or other entity. ...
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