Bill

Bill > S0134


FL S0134

Sales Tax Exemption of Bullion


summary

Introduced
12/20/2024
In Committee
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Indefinitely postponed and withdrawn from consideration (on 05/03/2025)

bill text


bill summary

Loading...

bill summary

Loading...
Loading...