Bill > SB1017

This bill modifies the Maryland 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 tax exemption. The bill defines "precious metal bullion or coins" as any precious metal that has been refined and whose value depends on its metal content, or monetized bullion, coins, or other forms of money made from precious metals that have been or are currently used as a medium of exchange under state, federal, or foreign laws. The definition specifically excludes jewelry or artwork made from precious metals. By eliminating the $1,000 price threshold, the bill will now provide a sales and use tax exemption for precious metal bullion or coins sales of any value, making it easier for individuals to buy and sell these items without incurring additional tax costs. The bill is set to take effect on July 1, 2025.

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB1017?ys=2025RS