summary
Introduced
12/20/2024
12/20/2024
In Committee
01/15/2025
01/15/2025
Crossed Over
Passed
Dead
Introduced Session
2025 Regular Session
Bill Summary
An act relating to the sales tax exemption of bullion; amending s. 212.08, F.S.; exempting the sale of gold, silver, and platinum bullion from the state sales tax; providing an effective date.
AI Summary
This bill amends Florida Statutes to expand the sales tax exemption for bullion by removing previous restrictions. Currently, the law exempted sales of gold, silver, or platinum bullion only for transactions exceeding $500 and required dealers to maintain specific documentation. The proposed changes would eliminate these conditions, making all sales of gold, silver, and platinum bullion exempt from state sales tax, regardless of the transaction amount or value. Bullion refers to precious metals in bulk form, typically sold as bars or coins with high purity levels, which are often used as investment vehicles. By removing the previous price threshold and documentation requirements, the bill simplifies the tax exemption process for precious metal dealers and investors. The bill is set to take effect on July 1, 2025, giving businesses and tax authorities time to prepare for the change in the sales tax treatment of bullion transactions.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Indefinitely postponed and withdrawn from consideration (on 05/03/2025)
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 | https://www.flsenate.gov/Session/Bill/2025/134 |
Analysis - Banking and Insurance (Post-Meeting) | https://www.flsenate.gov/Session/Bill/2025/134/Analyses/2025s00134.bi.PDF |
Analysis - Banking and Insurance (Pre-Meeting) | https://www.flsenate.gov/Session/Bill/2025/134/Analyses/2025s00134.pre.bi.PDF |
BillText | https://www.flsenate.gov/Session/Bill/2025/134/BillText/Filed/HTML |
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