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S.F. No. 380 - Exemption for bullion and bullion coin (as proposed to be amended by A-1)
 
Author: Senator Jerry Relph
 
Prepared By: Nora Pollock, Senate Counsel (651/297-8066)
 
Date: February 1, 2017



 

This bill provides a sales tax exemption for bullion and bullion coin. “Bullion” is defined as a bar, ingot, or other mass consisting of least 90% of gold, silver, palladium, rhodium, or platinum. Bullion must be sold by weight and does not include a manufactured item consisting of metals other than bars or ingots. As proposed to be amended, the bill defines “bullion coin” as any coin containing more than 40% by weight of gold, platinum, or other precious metal. Effective for sales and purchases made after June 30, 2017 and to bullion brought into the state after June 30, 2017.

 
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