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AL SB218
Bill
AI Summary
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Extends the sales and use tax exemption for gold, silver, platinum, and palladium bullion and money from June 1, 2023 to 10 years after June 1, 2018 (approximately June 1, 2028).
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Amends the definition of bullion to require items contain at least 80 percent precious metal (changed from 90 percent) and clarifies that value must primarily depend on mass and purity, not numismatic value.
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Exempts entities receiving the bullion tax exemption from filing information reports with the Department of Revenue under Section 40-9-61.
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Repeals Section 2 of Act 2018-164, which previously contained reporting requirements for bullion sales tax exemptions.
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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 House of Representatives committee on Ways and Means Education
4/6/2021