Bill
Bill > HB1046
IN HB1046
IN HB1046Sales of bullion or currency. Provides a sales tax exemption for transactions involving the sale of: (1) coins that are permitted investments by an individual retirement account under federal law; (2) bullion that is a permitted investment by an individual retirement account under federal law; or (3) legal tender. Authorizes the secretary of state to issue a temporary registration to a foreign entity that wishes to sell precious metals bullion or currency at a trade fair or coin show in Indiana
summary
Introduced
01/05/2016
01/05/2016
In Committee
02/23/2016
02/23/2016
Crossed Over
02/02/2016
02/02/2016
Passed
03/02/2016
03/02/2016
Dead
Signed/Enacted/Adopted
03/24/2016
03/24/2016
Introduced Session
2016 Regular Session
Bill Summary
Sales of bullion or currency. Provides a sales tax exemption for transactions involving the sale of: (1) coins that are permitted investments by an individual retirement account under federal law; (2) bullion that is a permitted investment by an individual retirement account under federal law; or (3) legal tender. Authorizes the secretary of state to issue a temporary registration to a foreign entity that wishes to sell precious metals bullion or currency at a trade fair or coin show in Indiana and is not otherwise lawfully authorized to conduct business in Indiana. Provides that a registration issued to a foreign
AI Summary
This bill exempts from state sales tax the sale of coins and bullion that are permitted investments for individual retirement accounts (IRAs) under federal law, as well as legal tender, which refers to money that is legally recognized for payment of debts. Additionally, it allows the Indiana Secretary of State to issue a temporary registration to foreign entities, meaning businesses or individuals not authorized to operate in Indiana, so they can sell precious metals bullion (like gold or silver bars) or currency at trade fairs or coin shows within the state, provided they apply, pay a $35 fee, and their sales contracts ensure physical delivery of the items within 28 days of full payment.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (10)
Greg Beumer (R)*,
Brandt Hershman (R)*,
Dennis Kruse (R)*,
Jeff Raatz (R)*,
Lonnie Randolph (D)*,
Earline Rogers (D)*,
Scott Schneider (R)*,
Bob Heaton (R),
David Niezgodski (D),
David Wolkins (R),
Last Action
Public Law 195 (on 03/24/2016)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | http://iga.in.gov/legislative/2016/bills/house/1046/ | 01/06/2016 |
| Bill | http://iga.in.gov/static-documents/b/9/5/9/b959e6db/HB1046.04.COMS.pdf | 03/05/2016 |
| Bill | http://iga.in.gov/static-documents/f/a/8/8/fa88c8ee/HB1046.05.ENRS.pdf | 03/05/2016 |
| Bill | http://iga.in.gov/static-documents/b/c/a/a/bcaad017/HB1046.03.COMS.pdf | 02/24/2016 |
| Bill | http://iga.in.gov/static-documents/7/c/1/d/7c1df862/HB1046.04.COMS.pdf | 02/24/2016 |
| Bill | http://iga.in.gov/static-documents/2/0/8/8/20882e60/HB1046.02.COMH.pdf | 02/17/2016 |
| Bill | http://iga.in.gov/static-documents/b/b/a/0/bba02c7d/HB1046.03.COMS.pdf | 02/17/2016 |
| Bill | http://iga.in.gov/static-documents/e/b/a/5/eba58a62/HB1046.01.INTR.pdf | 01/27/2016 |
| Bill | http://iga.in.gov/static-documents/0/c/1/a/0c1ad58d/HB1046.02.COMH.pdf | 01/27/2016 |
| Bill | http://iga.in.gov/static-documents/9/5/b/f/95bff98d/HB1046.01.INTR.pdf | 01/06/2016 |
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