Bill > S07875

This bill amends the New York tax law to modify the sales tax exemption for precious metal bullion (which refers to bars, ingots, or coins made of metals like gold, silver, platinum, etc., intended for investment purposes). Currently, precious metal bullion is sales tax exempt when sold for investment. The bill now specifically requires that such tax-exempt sales can only occur when the bullion is purchased by specific entities, including a central bank, a foreign government, the United Nations, the United States government, state or territorial governments, or their related agencies, instrumentalities, or political subdivisions. The bill maintains existing provisions about the sale value being tied to the metal's market value and the bullion remaining in its original form. The change will take effect on the first day of the quarterly sales tax period following 30 days after the bill becomes law, with the tax commissioner authorized to prepare implementation procedures in advance.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S7875