HF 1107

as introduced - 87th Legislature (2011 - 2012) Posted on 02/23/2012 02:54pm

A bill for an act
relating to taxation; sales and use tax; exempting currency, coins, and bullion;
amending Minnesota Statutes 2010, section 297A.67, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2010, section 297A.67, is amended by adding a
subdivision to read:

new text begin Subd. 33. new text end

new text begin Currency, coins, and bullion. new text end

new text begin (a) Currency, coins, and bullion are
exempt. For purposes of this subdivision:
new text end

new text begin (1) "currency" means a medium of exchange consisting of metal or paper which was
or is designated as legal tender by a governmental authority;
new text end

new text begin (2) "coin" means a currency made of gold, silver, or other metal; and
new text end

new text begin (3) "bullion" means bars, ingots, coins, or commemorative medallions of gold,
silver, platinum, palladium, or a combination of these metals where the value of the item
depends on the metal content and not the form.
new text end

new text begin (b) The intent of this subdivision is to eliminate the difference in tax treatment
between the sale of currency, coins, and bullion and the sale of stocks, 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, 2011.
new text end