NY S07875

Restricts the existing sales tax exemption for precious metal bullion to purchases or sales made only by central banks, foreign governments, the United Nations, the United States, states, territories, and their agencies, political subdivisions, or public corporations

Maintains existing requirements that retailers must be registered under General Business Law and that transactions must be based solely on the metal content value of the bullion

Preserves the definition of precious metal bullion as bars, ingots, or coins of gold, silver, platinum, palladium, rhodium, ruthenium, or iridium not used for industrial, professional, aesthetic, or artistic purposes

Retains the $1,000 minimum purchase threshold and price cap requirements (140% for silver coins, 120% for gold coins ¼ oz or less, 115% for other coins and bars/ingots) relative to market value

Takes effect on the first day of the quarterly sales tax period following 30 days after enactment