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HF 137

as introduced - 90th Legislature (2017 - 2018) Posted on 01/26/2017 04:52pm

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to taxation; sales and use; providing an exemption for bullion and bullion
coin; amending Minnesota Statutes 2016, section 297A.67, by adding a subdivision.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2016, section 297A.67, is amended by adding a subdivision
to read:


new text begin Subd. 34. new text end

new text begin Bullion and bullion coin. new text end

new text begin (a) Bullion and bullion coin are exempt. For purposes
of this subdivision:
new text end

new text begin (1) "bullion" means a bar, ingot, or other mass of gold, silver, palladium, rhodium, or
platinum sold by weight, where at least 90 percent of the weight consists of one of these
metals. It does not include any manufactured item consisting of these metals other than bars
and ingots; and
new text end

new text begin (2) "bullion coin" means a coin as described in section 80G.01, subdivision 2.
new text end

new text begin (b) The intent of this subdivision is to eliminate the difference in tax treatment between
the sale of bullion coin and the sale of stocks, bullion ETFs, bonds, and other investment
instruments.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for sales and purchases made after June
30, 2017, and to bullion brought into this state after June 30, 2017.
new text end