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MN HF1107

Bill

Official Source

Status

Introduced

3/14/2011

Primary Sponsor

Mary Kiffmeyer

Click for details

Origin

House of Representatives

87th Legislature 2011-2012

AI Summary

  • Exempts currency, coins, and bullion from Minnesota sales and use tax by amending Minnesota Statutes section 297A.67
  • Defines "currency" as metal or paper medium of exchange designated as legal tender by governmental authority
  • Defines "coin" as currency made of gold, silver, or other metal
  • Defines "bullion" as bars, ingots, coins, or commemorative medallions of gold, silver, platinum, palladium, or combinations thereof where value depends on metal content rather than form
  • Effective for sales and purchases made after June 30, 2011, with intent to equalize tax treatment between currency/coins/bullion and stocks/bonds/investment instruments

Legislative Description

Currency, coins, and bullion exempted from sales and use tax.

Last Action

Author added Garofalo

2/22/2012

Committee Referrals

Taxes3/14/2011

Full Bill Text

No bill text available