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AL SB248
Bill
AI Summary
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Amends the definition of "bullion" to require items contain at least 80 percent (previously 90 percent) gold, silver, platinum, or palladium, with value primarily depending on mass and purity rather than numismatic value.
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Extends the sales and use tax exemption for gold, silver, platinum, palladium bullion, and money from June 1, 2023 to June 1, 2028 (10 years).
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Eliminates reporting requirements for persons or companies claiming the bullion and money tax exemption under Section 40-23-4.
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Repeals Section 2 of Act 2018-164 relating to prior bullion exemption provisions.
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Becomes effective immediately upon passage and approval by the Governor.
Legislative Description
Taxation, sales and use tax exemptions for bullion, bullion defined further, sales and use tax exemption extended, reporting requirements waived for certain recipients of tax exemption, Sec. 40-9-61, 40-23-4 am'd.
Bullion
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation Education
2/27/2020