as introduced - 92nd Legislature (2021 - 2022) Posted on 02/08/2021 02:13pm
|Introduction||Posted on 02/08/2021|
A bill for an act
relating to taxation; sales and use; repealing the exemption on the sale of precious
metal bullion; repealing Minnesota Statutes 2020, section 297A.67, subdivision
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
new text begin new text end new text begin new text end
new text begin new text end
Repealed Minnesota Statutes: 21-01964
(a) Precious 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.
(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 and the sale of stock, bullion ETFs, bonds, and other investment instruments.