HB1718

House Bill 1718, titled the 'Arkansas Legal Tender Act,' establishes gold and silver specie as a recognized medium of exchange for the payment of debts and taxes in Arkansas. The act defines specie as either United States-issued gold and silver coins or other bullion meeting specific weight and purity criteria that may be designated as legal tender by state courts. The bill explicitly states that specie shall not be subject to taxation as personal property and that transactions involving the exchange, purchase, or sale of specie shall not trigger tax liability. Furthermore, the legislation prohibits the forced use or acceptance of specie, mandating that such exchanges be voluntary unless otherwise specified by contract. If a contract explicitly requires payment in a specific type of specie, state courts are directed to enforce specific performance of that contract. The Arkansas Attorney General is tasked with the enforcement of these provisions.