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AL HB19
Bill
Status
1/9/2018
Primary Sponsor
Ronald Johnson
Click for details
AI Summary
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Exempts sales and use tax on gold, silver, platinum, and palladium bullion and money for a five-year period from the bill's effective date, unless extended by the Legislature.
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Defines qualifying bullion as precious metals that have been refined, contain at least 90 percent gold/silver/platinum/palladium, and whose sales price fluctuates with market price rather than rarity or condition.
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Explicitly excludes jewelry and works of art from the bullion exemption.
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Requires entities receiving exemptions to file annual informational reports to the Department of Revenue with data to be shared with the Legislative Services Agency.
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Becomes effective on the first day of the third month following passage and approval by the Governor.
Legislative Description
Sales and use taxes, exemption for sales of gold bullions, money, etc, Secs. 40-23-4, 40-23-62 am'd.
Taxation
Last Action
Pending third reading on day 7 Favorable from Ways and Means Education with 1 amendment
1/25/2018