SB13 Summary

• Extends the sales and use tax exemption for gold, silver, platinum, and palladium bullion and money from June 1, 2018 through 10 years thereafter (ending June 1, 2028), unless further extended by the Legislature.

• Modifies bullion eligibility requirements to specify that qualifying bullion must be refined, contain at least 80% precious metal, and have value determined by market price rather than rarity or numismatic factors.

• Eliminates reporting requirements for persons or companies claiming the bullion and money tax exemption under Section 40-23-4 by exempting them from Department of Revenue reporting mandates under Section 40-9-61.

• Repeals Section 2 of Act 2018-164 from the 2018 Regular Session, which previously imposed reporting requirements on bullion sales tax exemptions.

• Becomes effective immediately upon passage and gubernatorial approval.