25RS HB 376

House Bill 376

Actions

Last Action	02/06/25: to Committee on Committees (H)
Title	AN ACT relating to state financial practices.
Bill Documents	Introduced
Bill Request Number	1321
Sponsor	T. Roberts
Summary of Original Version	Amend KRS 42.500 to authorize the State Investment Commission to make investments in certain digital assets and bullion; define terms; establish requirements for investments; prohibit investments in central bank digital currency; make technical corrections; amend KRS 42.525 to specify administrative regulation authority of commission regarding investment powers and requirements; create a new section of KRS Chapter 42 to authorize state retirement funds and state deferred compensation fund participants to invest in exchange traded products; amend KRS 45.345 to authorize state agencies to accept digital assets and bullion as a method of payment; prohibit acceptance of central bank digital currency as a method of payment; create a new section of KRS Chapter 131 to establish authorized payment methods for any tax bill issued by the Department of Revenue; require the Department of Revenue to accept digital assets and bullion as a method of payment; amend KRS 41.070 to require the State Treasurer to transfer certain digital asset deposits to the budget reserve trust fund; require the State Treasurer to convert receipts of other digital assets to United States currency; prohibit the State Treasurer from accepting central bank digital currency or converting receipts to central bank digital currency; amend KRS 48.705, 16.642, 18A.255, 21.550, 61.650, 78.790, and 161.430 to conform; provide that the Act may be cited as the Inflation Protection Act of 2025.
Index Headings of Original Version	Fiduciaries - State Investment Commission, investment authority Fiduciaries - State retirement and deferred compensation funds, investment authority Retirement and Pensions - State retirement and deferred compensation funds, investment authority Securities - State investments, authority and requirements State Agencies - Department of Revenue, tax bills, allowable payment methods State Agencies - Receipt of funds, allowable payment methods State Agencies - State Investment Commission, investment authority Taxation - Department of Revenue, tax bills, allowable payment methods Technical Corrections - State Investment Commission, investment authority, administrative regulations Treasurer - State deposits, digital assets, requirements Treasurer - State Investment Commission, investment authority Administrative Regulations and Proceedings - State Investment Commission, investment authority Banks and Financial Institutions - State investments, authority and requirements Banks and Financial Institutions - State financial practices, central bank digital currency, prohibition Banks and Financial Institutions - State investments, digital assets, qualified custodian Banks and Financial Institutions - State Investment Commission, investment authority Budget and Financial Administration - Budget reserve trust fund account, digital assets, reimbursements Budget and Financial Administration - State Investment Commission, investment authority Short Titles and Popular Names - Inflation Protection Act of 2025 Technology - State financial practices, digital assets