SB 2966 Summary

• Exempts capital gains on sales or exchanges of gold or silver bullion from Mississippi state income tax for tax years beginning January 1, 2024 and later.

• Exempts sales of investment grade gold or silver bullion from Mississippi sales tax, defining bullion as precious metals formed into uniform shapes (ingots, bars, plates) suitable for bulk or wholesale transactions.

• Requires the State Treasurer to invest no less than 1% of state surplus funds in gold or silver bullion.

• Establishes the Mississippi Bullion Depository within the State Treasurer's Office to serve as custodian and administrator of gold and silver bullion acquired by the state.

• Takes effect July 1, 2023.