SB156 Summary

• Exempts gross proceeds from sales of gold, silver, platinum, and palladium bullion and money from Alabama sales and use tax for five years from the bill's effective date.

• Defines qualifying bullion as refined precious metals where value depends on mass and purity (at least 90% precious metal content), excluding jewelry and items with numismatic value.

• Amends Sections 40-23-4 and 40-23-62 of the Alabama Code to add these exemptions to existing sales and use tax provisions.

• Requires entities receiving exemptions to file annual informational reports with the Department of Revenue, with information shared with the Legislative Services Agency.

• Becomes effective on the first day of the third month following passage and gubernatorial approval.