North Carolina Enacts the Sound Money Act to Exempt Precious Metal Gains and Recognize Gold and Silver as Legal Tender

Original title: North Carolina Sound Money Act.

Last action · April 29, 2025: Re-ref Com On Finance (House action)Sponsors: Mark Brody and 4 others

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What This Bill Would Do

North Carolina allows taxpayers to deduct gains or losses from selling and metal bullion from state taxable income starting January 1, 2025, and recognizes refined gold and silver coins and bullion meeting specific purity standards as legal tender starting October 1, 2025. No person is required to accept these metal coins or bullion for payments or deposits unless specified by contract or law.

Why it matters

Individual taxpayers who buy and sell precious metal bullion or numismatic coins gain a state tax deduction on dispositions, while gold and silver conforming to purity and weight standards achieve official state recognition as legal tender without creating mandatory acceptance obligations for private parties.

Who It Would Affect

Groups the bill's text would affect if enacted, as described in the record. Being affected is not a position for or against it.

Directly affected

North Carolina individual taxpayers

Taxpayers who buy and sell investment coins and metal bullion are permitted to deduct gains or losses from their adjusted gross income.

Directly affected

Parties engaging in commercial transactions

Refined gold and silver coins and bullion are recognized as legal tender in the State, though parties retain the right to refuse them unless bound by contract or law.

Key Facts

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Frequently Asked Questions

Can I be forced to accept gold or silver coins as payment under this act?

No. The act explicitly states that no person is required to offer or accept recognized legal tender or bullion for payment of debts, deposits, or any other purpose, unless required by contract or other law.

When does the tax deduction for investment coins and metal bullion take effect?

The tax deduction applies for taxable years beginning on or after January 1, 2025.

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Where This Stands

Currently in committee. The next step in the legislative lifecycle is Floor Vote.

Procedural history

5 actions

Apr 29, 2025House
Re-ref Com On Finance
Apr 29, 2025House
Reptd Fav
Apr 10, 2025House
Ref to the Com on Commerce and Economic Development, if favorable, Finance, if favorable, Rules, Calendar, and Operations of the House
Apr 10, 2025House
Passed 1st Reading
Apr 8, 2025HouseIntroduced
Filed

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

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