In January 2013, Indiana legislators introduced Senate Bill 99, titled "Use and Taxation of Gold and Silver Coins". Sponsored by Senators Jim Banks and Greg Walker, the bill proposed to recognize U.S.-minted gold and silver coins as legal tender within the state. Under the proposal, these coins would have been accepted for debt payments, taxes, and other obligations on the same basis as Federal Reserve notes. Additionally, the bill sought to exempt gold and silver coins from state taxation, aiming to remove financial barriers and provide Indiana residents with an inflation-resistant alternative to fiat currency. If passed, SB 99 would have aligned Indiana with a growing number of states working to restore constitutional money as an option for everyday transactions.
Despite its initial introduction and growing national interest in sound money legislation, Senate Bill 99 did not advance beyond the Committee on Tax and Fiscal Policy. Lawmakers expressed concerns over the administrative challenges of integrating gold and silver into the transactional system, potential revenue losses from tax exemptions, and the lack of infrastructure to handle such payments at a state level. Without sufficient support, the bill stalled in committee and ultimately died without a floor vote.