HB 376: AN ACT relating to state financial practices.

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

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.

Sponsors

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. February 12, 2025to Banking & Insurance (H)
2. February 6, 2025to Committee on Committees (H)
3. February 6, 2025introduced in House