Bill > HB357

This bill expands the existing sales and use tax exemption for precious metal bullion or coins by removing the current requirement that the sale price must exceed $1,000 to qualify for the exemption. Under the bill, "precious metal bullion or coins" is defined as either refined precious metals whose value is based on metal content, or monetized bullion, coins, or money made from precious metals that are or have been used as a medium of exchange under state, federal, or foreign laws. The definition specifically excludes jewelry or works of art made from precious metals. Currently, sales of such items are only tax-exempt if they exceed $1,000, but this bill would eliminate that price threshold, meaning all sales of qualifying precious metal bullion or coins would be exempt from sales and use tax. The bill is set to take effect on July 1, 2025, giving businesses and tax authorities time to prepare for the change.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0357?ys=2025RS