- Associated Press - Wednesday, May 4, 2016

PHOENIX (AP) - The Arizona Senate has passed a bill that cuts taxes on the sale of gold and silver coins that was vetoed by the current and previous governor.

Senate Bill 1141 is the latest effort to cut taxes on trading in U.S.-issued coins considered legal tender. It allows a state tax deduction on capital gain tax from sales that must be paid to the federal government.

It passed on an 18-10 vote Wednesday and now does to Gov. Doug Ducey for action.

Former Gov. Jan Brewer vetoed similar legislation in 2013 and Ducey vetoed a version last year.

Backers say the Internal Revenue Service has figured out how to tax money. Democratic Sen. Steve Farley of Tucson says the legislature just gave coin dealers a huge tax break.



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