Bill
Bill > SB2966
MS SB2966
MS SB2966Gold and silver bullion; exempt sales from taxation and capital gain and require State Treasurer to invest.
summary
Introduced
02/13/2023
02/13/2023
In Committee
02/13/2023
02/13/2023
Crossed Over
Passed
Dead
02/22/2023
02/22/2023
Introduced Session
2023 Regular Session
Bill Summary
An Act Relating To Gold And Silver Bullion; To Amend Section 27-7-9, Mississippi Code Of 1972, To Provide That Capital Gain On The Sale Or Exchange Of Gold Or Silver Bullion Is Exempt From State Income Tax; To Amend Section 27-65-111, Mississippi Code Of 1972, To Exempt Sales Of Investment Grade Gold Or Silver Bullion From The Mississippi Sales Tax; To Amend Section 27-105-33, Mississippi Code Of 1972, To Authorize And Direct The State Treasurer To Invest No Less Than One Percent (1%) Of State Surplus Funds In Gold Or Silver Bullion And To Establish The Mississippi Bullion Depository With The Office Of State Treasurer For This Purpose; And For Related Purposes.
AI Summary
This bill:
1) Exempts the capital gain on the sale or exchange of gold or silver bullion from state income tax starting in tax year 2024.
2) Exempts sales of investment grade gold or silver bullion from the Mississippi sales tax.
3) Requires the State Treasurer to invest no less than 1% of the state's excess general and special funds in gold or silver bullion, and establishes the Mississippi Bullion Depository within the State Treasurer's Office to serve as the custodian and administrator of the state's gold and silver bullion.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Died In Committee (on 02/22/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://billstatus.ls.state.ms.us/2023/pdf/history/SB/SB2966.xml |
| BillText | http://billstatus.ls.state.ms.us/documents/2023/html/SB/2900-2999/SB2966IN.htm |
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