Bill > A08511

This bill amends the New York tax law to modify the sales tax exemption for precious metal bullion sold for investment purposes. Specifically, the bill restricts the existing sales tax exemption to only those transactions where the precious metal bullion is being purchased by a central bank, foreign government, United Nations, United States or its states/territories, or their instrumentalities, agencies, or political subdivisions. The bill maintains the existing definition of "precious metal bullion" as bars, ingots, or coins of specific metals (gold, silver, platinum, palladium, rhodium, ruthenium, or iridium), excluding items manufactured for industrial or artistic purposes. The exemption continues to apply to bullion sold for more than one thousand dollars, where the purchaser maintains the bullion in its original form and does not use it for manufacturing. The bill also preserves the existing pricing guidelines that determine when the sale price is considered to depend only on the metal's value, such as not exceeding certain percentages above the bullion's market price. The amendment will take effect on the first day of the quarterly sales tax period following 30 days after becoming law, with the tax commissioner authorized to prepare for implementation in advance.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A8511