Bills › 91st General Assembly

HF 2723Died when the session ended · February 24, 2026

Relating to the use of specie as legal tender

Sponsored by the House Commerce Committee, Rep. Jennifer J. Smith (R)

Topics:Business & economyState governmentTaxes

Same legislation: SF 2195, HF 2311

Where it is now

  1. Done: IntroducedFebruary 4, 2026
  2. Done: SubcommitteeFebruary 11, 2026
  3. Done: House committeeFebruary 18, 2026
  4. Stopped: Passes the HouseDied when the General Assembly ended
  5. Next: Senate committeeFunnel: by March 20, 2026
  6. Next: Passes the Senate
  7. Next: To the Governor
  8. Next: Signed into law

Died when the session ended The 2026 session adjourned on May 3, 2026, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?

What’s in it

AI summary Iowa would recognize gold and silver as legal money, though businesses would not be forced to accept it as payment. The state treasurer would set up secure storage for these metals and create electronic systems to help people make payments. People would not have to pay taxes when buying, selling, or exchanging these metals.1

Read the official explanation

This bill provides that specie, defined in the bill, is legal tender in this state and that a person is not required to accept specie as payment. The bill requires the treasurer of state (treasurer) to establish or contract with one or more bullion depositories for the secure storage of bullion, authorize one or more electronic payment systems to facilitate transactions, and adopt rules to implement the bill. Each bullion depository approved by the treasurer must have a contractual relationship with each electronic payment system that is authorized by the treasurer and must insure each deposit under an insurance policy for the full replacement of the deposit. A deposit made in a bullion depository approved by the treasurer is the sole property of the account holder. The treasurer must submit an annual report to the general assembly on approved bullion depositories, authorized electronic payment systems, and the economic impact of recognizing specie as legal tender. The bill provides that transactional gold and silver shall not be used by the state or a public entity as a mechanism for surveillance or social credit scoring. The bill states that a transaction entered into by a person which involves the exchange of specie for some medium of exchange other than specie shall not be subject to any sales, excise, gross receipts, income, capital gains, or other form of tax or public charge under the laws of this state. The purchase, sale, or exchange of specie shall also not be subject to any sales, excise, gross receipts, income, capital gains, or other form of tax or charge authorized under the laws of this state. The treasurer must implement the provisions of the bill by July 1, 2027.

Full bill text2

1 written public comment to its subcommittee: February 17, 2026 (1) · on the Legislature’s site

Iowa Code it changes

Creates§12L.1§12L.2§12L.3§12L.4§12L.5§12L.6§12L.7§12L.8§12L.9

How the Code works3

Lobbying

1 for · 1 against · 5 undecided · Who →

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