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HF 854

as introduced - 92nd Legislature (2021 - 2022) Posted on 02/08/2021 02:13pm

KEY: stricken = removed, old language.
underscored = added, new language.
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Engrossments
Introduction Posted on 02/08/2021

Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4 1.5
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A bill for an act
 relating to taxation; sales and use; repealing the exemption on the sale of precious
metal bullion; repealing Minnesota Statutes 2020, section 297A.67, subdivision
34.

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

Section 1. new text begin REPEALER.
new text end

new text begin Minnesota Statutes 2020, section 297A.67, subdivision 34, new text end new text begin is repealed.
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
 new text end

APPENDIX

Repealed Minnesota Statutes: 21-01964

297A.67 GENERAL EXEMPTIONS.

Subd. 34.

Precious metal bullion.

(a) Precious metal bullion is exempt. For purposes of this subdivision, "precious metal bullion" means bars or rounds that consist of 99.9 percent or more by weight of either gold, silver, platinum, or palladium and are marked with weight, purity, and content.

(b) The exemption under this subdivision does not apply to sales and purchases of jewelry, works of art, or scrap metal.

(c) The intent of this subdivision is to eliminate the difference in tax treatment between the sale of precious metal bullion and the sale of stock, bullion ETFs, bonds, and other investment instruments.