HF 3382

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; sales and use; exempting sales 
  1.3             of investment coins and bullion; amending Minnesota 
  1.4             Statutes 1998, section 297A.25, by adding a 
  1.5             subdivision. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1998, section 297A.25, is 
  1.8   amended by adding a subdivision to read: 
  1.9      Subd. 84.  [INVESTMENT COINS AND BULLION.] The gross 
  1.10  receipts from the sale of investment coins and bullion are 
  1.11  exempt.  For purposes of this subdivision, the following terms 
  1.12  have the meanings given them. 
  1.13     (1) "Investment coins" means numismatic coins or other 
  1.14  forms of money and legal tender manufactured of gold, silver, 
  1.15  platinum, palladium, or other metal and issued by the United 
  1.16  States government or a foreign government with a fair market 
  1.17  value greater than the face value of the coins. 
  1.18     (2) "Bullion" means gold, silver, or platinum in a bulk 
  1.19  state, where its value depends on its content rather than its 
  1.20  form, with a purity of not less than 900 parts per 1,000. 
  1.21     Sec. 2.  [EFFECTIVE DATE.] 
  1.22     Section 1 is effective for sales and purchases made after 
  1.23  June 30, 2000.