Legal Status
This is not legal advice, it is merely a compilation of different laws. Speak to a lawyer before relying on them.
Federal Constitution Art. 1, sec. 10
"No state shall enter into any treaty, alliance, or confederation; grant letters of marque and reprisal; coin money; emit bills of credit; make anything but gold and silver coin a tender in payment of debts; pass any bill of attainder, ex post facto law, or law impairing the obligation of contracts, or grant any title of nobility. ..." - Bold my own
205.54s - Sale of investment coins and bullion; exemptions; definitions.
"(1) A sale of investment coins and bullion is exempt from the tax under this act.
(2) As used in this section:
(a) "Bullion" means gold, silver, or platinum in a bulk state, where its value depends on its content rather than its form, with a purity of not less than 900 parts per 1,000.
(b) "Investment coins" means numismatic coins or other forms of money and legal tender manufactured of gold, silver, platinum, palladium, or other metal and issued by the United States government or a foreign government with a fair market value greater than the face value of the coins."
21.153 - Obligations due state or municipality; payment by check or bank draft, date operative; legal tender.
"Whenever any check or bank draft shall be tendered for the payment of any debt, taxes or other obligation due to the state or to any municipality therein, such check or draft shall operate as a payment made on the date the check or draft was received and accepted by the receiving officer, if it shall be paid on presentation without deduction for exchange or cost of collection. All agencies of the state of Michigan shall request that checks tendered in payment of an obligation due the state shall be made payable to the state of Michigan. No receiving officer shall be required to receive in payment of any debt, taxes or other obligation collectible or receivable by him any tender other than gold or silver coin of the United States, United States treasury notes, gold certificates, silver certificates or federal reserve bank notes."
Capital Gains tax Federal and State
For federal taxes Investopedia has a great article on that.
I could not find a straight forward reference to Gold and silver. Though many sources say we have a state capital gainst tax on gold and silver. However, I did find this section referring to "nonferrous metallic minerals". Though it seems to be in relation to mining.
206.31b Adjustment; "mineral" and "qualified taxpayer" defined.
Sec. 31b. (1) Notwithstanding any other provision of this part, for the 2013 tax year and each tax year after
2013, taxable income for purposes of this part means taxable income as determined under section 30 with the
following adjustment. For the 2013 tax year and each tax year after 2013, eliminate all of the following:
(a) Income derived from a mineral to the extent included in adjusted gross income.
(b) Expenses related to the income deductible under subdivision (a) to the extent deducted in arriving at
adjusted gross income.
(2) As used in this act:
(a) "Mineral" means that term as defined in section 2 of the nonferrous metallic minerals extraction
severance tax act.
(b) "Qualified taxpayer" means a taxpayer subject to the minerals severance tax levied under the
nonferrous metallic minerals extraction severance tax act.
211.782 Definitions from NONFERROUS METALLIC MINERALS EXTRACTION SEVERANCE TAX ACT
Act 410 of 2012
(c) "Mineral" means a naturally occurring solid substance that is extracted from the earth in this state
primarily for its nonferrous metallic mineral content for commercial, industrial, or construction purposes.
Mineral does not include gypsum, lime, limestone, salt, dolomite, basalt, granite, sandstone, shale, clay, stone,
gravel, marl, peat, sand, gemstones, coal, substances extracted from potable water or brine, substances
extracted from oil or natural gas, low-grade iron ore that is defined and taxed under 1951 PA 77, MCL
211.621 to 211.626, any property that is defined and taxed under 1963 PA 68, MCL 207.271 to 207.279, or
any other substance not extracted primarily for its nonferrous metallic mineral content.
Legal Tender Status
Michigan Currently doesn't have a legal tender statue making courts recognized contracts denominated in Gold and Silver of any kind, enforce payment of those contracts in gold and silver or to accept gold and silver other than US. coins.
Michigan Depository Laws
Michigan currently doesn't have a law that allows for state level depositories.
Last updated 3/19/2024