SB 162 Alaska Senate · 34th Legislature (2025-2026)

An Act relating to specie as legal tender in the state; and relating to borough and city sales and use taxes on specie.

SB 162 exempts sales and exchanges of gold and silver coins ("specie") from borough and city sales and use taxes across Alaska. This directly affects buyers and sellers of physical precious metals, removing local tax burdens on such transactions in all municipalities. The bill amends tax statutes (specifically AS 29.45.650(m) and AS 29.45.700(i)) to explicitly exclude specie from taxable sources. It defines "specie" as gold or silver coins valued primarily by metal content but clarifies individuals are not required to accept such coins as payment for debts.

Issues: ✓ Budget & Taxes

Bill status in committee 1 of 4 stages cleared

Introduction

Apr 2025

Committee Review

Floor Vote

Governor

Introduced Apr 9, 2025 Last action May 11, 2026

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What changed between versions

SB 162 → CSSB 162(STA) · 3 edits

MINOR

The bill was amended to clarify that sales and use taxes cannot apply to the metal value of gold or silver contained within specie, rather than the entire item. Additionally, the definition of who must accept specie was expanded to include governmental entities, and the legislative study on legal tender now includes an analysis of consumer protections and behavior.

Scope change

The bill's scope regarding tax exemptions was narrowed to specifically target the metal content of specie, while the scope of the required legislative study was broadened to include consumer impact analysis.

REQUIREMENT

The prohibition on taxing specie was modified to exclude the value of the gold or silver contained within it, allowing taxes on the item itself but not the metal content.

The legislative study on legal tender was updated to require an analysis of consumer protections and consumer behavior related to the use of specie.

ELIGIBILITY

The requirement to accept gold or silver specie as tender was expanded to apply to governmental entities in addition to private persons.

Floor votes

How they voted

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

May 8, 2026

Upper · Passed

(S) Moved CSSB 162(STA) Out of Committee

upper

May 8, 2026

Committee

(S) REFERRED TO RULES

upper

Mar 19, 2026

Upper · Passed

(S) Moved CSSB 162(STA) Out of Committee

upper

1 primary · 1 co-sponsor