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SF 2498

as introduced - 90th Legislature (2017 - 2018) Posted on 08/24/2018 07:50am

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
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Current Version - as introduced

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A bill for an act
 relating to taxation; sales and use; expanding the exemption of bullion to include
bullion coin; amending Minnesota Statutes 2017 Supplement, section 297A.67,
subdivision 34.

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

Section 1.

Minnesota Statutes 2017 Supplement, section 297A.67, subdivision 34, is
amended to read:


Subd. 34.

Precious metal bullionnew text begin and bullion coinnew text end .

(a) Precious metal bullion is exempt.
For purposes of this subdivisiondeleted text begin ,deleted text end new text begin :
new text end

new text begin (1)new text end "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 contentdeleted text begin .deleted text end new text begin ; and
new text end

new text begin (2) "bullion coin" means a coin as described in section 80G.01, subdivision 2.
 new text end

(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 new text begin and bullion coin new 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, 2018.
 new text end