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IN HB1046
Bill
Status
3/24/2016
Primary Sponsor
Greg Beumer
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AI Summary
HEA 1046 Summary
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Exempts from Indiana state gross retail tax transactions involving the sale, lease, or rental of storage for coins and bullion permitted as individual retirement account investments under federal law (26 U.S.C. 408(m)), as well as legal tender.
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Effective July 1, 2016, authorizes the Indiana Secretary of State to issue temporary registrations to foreign entities seeking to sell precious metals bullion or currency at trade fairs or coin shows in Indiana.
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Temporary registrations expire no later than 28 days after issuance and require a $35 application fee payable to the Secretary of State.
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Registered foreign entities may only sell bullion or currency if contracts require physical delivery within 28 calendar days of full payment and limit sales to purchases of precious metals bullion or currency.
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Registration fees collected under the chapter are deposited into the electronic and enhanced access fund established by IC 4-5-10-5.
Legislative Description
Sales of bullion or currency. Provides a sales tax exemption for transactions involving the sale of: (1) coins that are permitted investments by an individual retirement account under federal law; (2) bullion that is a permitted investment by an individual retirement account under federal law; or (3) legal tender. Authorizes the secretary of state to issue a temporary registration to a foreign entity that wishes to sell precious metals bullion or currency at a trade fair or coin show in Indiana and is not otherwise lawfully authorized to conduct business in Indiana. Provides that a registration issued to a foreign
Last Action
Public Law 195
3/24/2016