Sales Tax Exemption for Purchase of Precious Metals

Task Forces: Tax and Fiscal Policy Task Force

Summary

This model policy exempts certain gold and silver products from sales tax.

Model Policy

Be it enacted by the Legislature of [state name]

Findings and Purpose

The purpose of this bill is to:

  • (a) Exempt certain gold and silver products from sales and use tax.

Section 1. Sales and Use Tax Exemption:

  1. The sale, purchase, storage, consumption, or exchange of gold or silver coin and bullion are exempt from sales and use tax. The exemption applies to
    • (a) gold, silver, platinum, or palladium coins minted and issued by the Department of the Treasury; and
    • (b) refined gold, silver platinum, or palladium bullion, coins, bars, rounds, or ingots that are valued primarily based on their metal content and not their form.

Section 2. Effective Date:

This act shall become effective on [month,day, year].