Specie; authorizing the payment of certain debts; authorizing income tax deduction for gains derived from the sale of specie. Effective date.

SB 1838 (Oklahoma Senate Bill 1838) makes U.S. gold and silver coins legal tender for public debts and allows silver bullion (at .999 purity) to be used for private debts, while prohibiting mandatory acceptance. It exempts gold/silver transactions from state taxes, excludes such assets from personal property taxation, and requires the State Treasurer to store 10% of state funds in gold/silver and accept them for property taxes. The bill also adds a tax deduction for capital gains from selling precious metals. These changes directly affect Oklahoma taxpayers, state finances, and businesses dealing in gold/silver.