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HF 2481

as introduced - 92nd Legislature (2021 - 2022) Posted on 04/09/2021 11:29am

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
relating to taxation; sales and use; expanding the exemption on precious metal
bullion to include coins and other forms of currency; amending Minnesota Statutes
2020, section 297A.67, subdivision 34.


Section 1.

Minnesota Statutes 2020, section 297A.67, subdivision 34, is amended to read:

Subd. 34.

deleted text beginPrecious metaldeleted text end Bullionnew text begin, coins, and currencynew text end.

(a) deleted text beginPrecious 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
deleted text endnew text begin Bullion, coins, and currency are exemptnew text end.

new text begin (b) For the purposes of this subdivision, the following terms have the meanings given:
new text end

new text begin (1) "bullion" means bars, ingots, or commemorative medallions of gold, silver, platinum,
palladium, rhodium, or a combination of these where the value of the metal depends on its
content and not form; and
new text end

new text begin (2) "coins" and "currency" means a coin or currency made of gold, silver, or other metal
or paper which is or has been used as legal tender.
new text end

deleted text begin (b)deleted text endnew text begin (c)new text end The exemption under this subdivision does not apply to sales and purchases of
jewelry, works of art, or scrap metal.

deleted text begin (c)deleted text endnew text begin (d)new text end The intent of this subdivision is to eliminate the difference in tax treatment between
the sale of precious metal bullionnew text begin and other forms of coins or currencynew text end and the sale of stock,
bullion ETFs, bonds, and other investment instruments.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for sales and purchases made after June
30, 2021.
new text end