Idaho Bill Permits State Taxes Be Paid With Silver

TheStreet.com

BOISE, Idaho (AP) — Idaho lawmakers are backing a plan that would allow state tax bills to be paid down with silver medallions instead of cash.

The bill approved Monday is intended to encourage the use of silver as a form of currency and reinvigorate Idaho's silver mining industry, which has been in decline for decades.

Athol Republican Rep. Phil Hart told the House State Affairs Committee that consumers should rely less on money printed by the federal government because inflation will diminish its value. His bill reignites a long-standing debate about the value of paper money not backed by commodities.

Hart's measure also includes tax breaks for any company that agrees to process silver ore for the medallions.

Lawmakers in Georgia considered allowing citizens to pay taxes with gold and silver last year.