2016-05-06 Fri

In an effort to cut taxes on trading U.S.-issued coins as legal tender, the Arizona Senate has passed a special bill which was not accepted by the previous as well as the current governor.

The bill allows a state tax deduction on capital gain tax from sales that must be paid to the federal government. It was passed on the basis of voting and Gov. Doug Ducey will soon execute the bill.

In 2013, the same bill was rejected by Jan Brewer and Ducey rejected another version last year.

Some supporters say that the Internal Revenue Service has finally found a good way to tax money and others say that coin dealers will get an impressive tax break for no good reason.