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Utah House OKs more gold changes

Published March 2, 2012 12:44 pm

This is an archived article that was published on sltrib.com in 2012, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

The Utah Legislature isn't quite done with gold as currency yet.

On Friday, the House approved a resolution to support the state's freshly minted law that allows business to be conducted in precious metals as opposed to traditional U.S. currency, and another bill passed that would more easily allow both sales and capital gains taxes in gold. Both now move to the Senate.

Rep. Brad Galvez, R-West Haven, carried the resolution, HJR9, that encouraged businesses to support the alternative monetary system. It passed 50-23.

Galvez also sponsored HB157, which addressed the tax issues coming about when a sale is transacted with gold. That measure cleared 60-8.

"This is just designed to be an alternative currency," Galvez said. "It is not designed to replace the Federal Reserve by any means."

Not everyone was sold — in either dollars or gold — on the proposal.

"This is not mainstream thinking," Rep. Brian King, D-Salt Lake City said. "This is fringe economic theory and fringe economic policy."

dmontero@sltrib.com

Twitter: @davemontero