Ever the rebel State, Texas has once again earned its reputation by voting to create a Texas Bullion Depository. This facility, much like a Fort Knox type structure, would enable Texans (and eventually others outside the state or even the nation) to invest in the wealth storage facility by depositing precious metals and use the facility as a State banking operation, complete with debit cards and checking accounts.
On May 4th, the Texas House of Representatives voted 143-0 for House Bill 3169 (HB3169) that was written and introduced by Rep. Giovanni Capriglione (R-Keller).
The legislation includes various provisions for the operation and administration of the Texas Bullion Depository, to define the roles of depository agents, to direct the appropriation of money from depository fees, charges, penalties, and other amounts related to the depository. The bill also includes provisions to exempt precious metals in the depository from property taxes.