SF 544

as introduced - 89th Legislature (2015 - 2016) Posted on 03/05/2015 08:59am

A bill for an act
relating to taxation; sales and use; providing an exemption for bullion and
bullion coin; amending Minnesota Statutes 2014, section 297A.67, by adding a
subdivision.

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

Section 1.

Minnesota Statutes 2014, 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" has the meaning given 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 EFTs, 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, 2015, and to bullion brought into this state after June 30, 2015.
new text end