Amendment 2024-0373h to HB1674 (2024)

Relative to establishing the New Hampshire legal tender act and establishing a state bullion depository.

Revision: Feb. 12, 2024, 9:05 a.m.

Rep. Ammon, Hills. 42

January 31, 2024





Amendment to HB 1674-FN


Amend the bill by replacing all after the enacting clause with the following:


1  New Chapter; New Hampshire Legal Tender Act.  Amend RSA by inserting after chapter 5-C the following new chapter:



5-D:1  Definitions.  In this chapter:

I.  "Bullion" means refined precious metal in any shape or form, including coins, rounds, bars, ingots, and any other products, that is:

(a)  Stamped or imprinted with the weight and purity of the precious metal that it contains; and

(b)  Valued primarily based on its metal content and not its form and function.

II.  "Legal tender" means a medium of exchange that is authorized by the United States Congress or by any state pursuant to Article I Section 8 or Section 10, respectively, of the United States Constitution, for the payment of debts, public charges, taxes, or dues.

III.  “Precious metal” means gold and silver.

IV.  “Qualified business unit” means any unit of trade or business of a taxpayer which maintains separate books and records in a particular functional currency.

V.  "Specie" means bullion fabricated into products of uniform shape, size, design, content, weight, and purity, that are suitable for or customarily used as currency, as a medium of exchange, or as the medium for purchase, sale, storage, transfer, or delivery of precious metals in retail or wholesale transactions.

VI.  “Specie legal tender” means:

(a)  Specie coin issued by the United States government at any time; and

(b)  Any other specie designated by the state treasurer as legal tender pursuant to the monetary authority not prohibited by Article I Section 10 of the United States Constitution.

5-D:2  Legal Tender.

I.  Specie legal tender is legal tender in the state of New Hampshire.

II. Bullion shall not be characterized as personal property for taxation or regulatory purposes.

III.  The exchange of one type or form of legal tender for another type or form of legal tender shall not give rise to any tax liability.

IV.  The purchase or sale of any type or form of bullion shall not give rise to any tax liability.

V.  Unless specifically provided by contract, a person shall not compel another person to tender or accept specie legal tender.

VI.  If a valid and enforceable contract expressly designates a type or form of specie as tender, then a New Hampshire court asked to adjudicate the breach of such a contract shall require, as a remedy for the breach, the specific performance of tendering the type or form of specie specified in the contract.

VII.  Specie legal tender may be recognized to pay private debts, taxes, and fees levied by the state of New Hampshire.

VIII.  Any taxpayer may maintain one or more qualified business units, as conceptualized in 26 U.S.C. section 989, having a single functional currency designated for each such unit, and may elect to either pay the tax liability of such qualified business unit in such functional currency, if authorized by the treasurer, or in U.S. dollars determined:

(a)  By computing the taxable income or loss separately for each such unit in its functional currency; and

(b)  By translating the income or loss separately computed under subparagraph (a) at the average exchange rate during the tax period.

2  Effective Date.  This act shall take effect January 1, 2025.




This bill designates specie legal tender as legal tender in the state of New Hampshire.