Bill > HF881

This bill expands the sales and use tax exemption for precious metal bullion to include coins and other forms of currency in Minnesota. Currently, the law provides a tax exemption for precious metal bullion, but this bill broadens the definition to include bars, ingots, commemorative medallions, coins, and currency made of gold, silver, platinum, palladium, rhodium, or a combination of these metals, as well as paper currency that is or has been legal tender. The bill clarifies that the exemption does not apply to jewelry, works of art, or scrap metal. The purpose of the amendment is to create consistent tax treatment between sales of precious metal bullion and other investment instruments like stocks and bonds. Specifically, the bill defines "bullion" as metal items where the value depends on metal content rather than form, and "coins" and "currency" as metal or paper items used as legal tender. The tax exemption will take effect for sales and purchases made after June 30, 2025, providing clarity and potential tax savings for investors and collectors of precious metals and coins.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0881&ssn=0&y=2025