Minnesota SF403 expands the exemption on precious metal bullion to include coins and other forms of currency.

Minnesota SF403 amends the state's sales and use tax law to expand the exemption on precious metal bullion to include coins and other forms of currency. The bill defines "precious metal bullion" as bars or rounds that consist of 99.9 percent or more by weight of gold, silver, platinum, or palladium and are marked with weight, purity, and content. The exemption also applies to coins and currency made of gold, silver, or other metal or paper used as legal tender. The exemption does not apply to sales and purchases of jewelry, works of art, or scrap metal.

Minnesota SF403 expands the exemption on precious metal bullion to include coins and other forms of currency.

Minnesota SF403 amends the state's sales and use tax law to expand the exemption on precious metal bullion to include coins and other forms of currency. The bill defines "precious metal bullion" as bars or rounds that consist of 99.9 percent or more by weight of gold, silver, platinum, or palladium and are marked with weight, purity, and content. The exemption also applies to coins and currency made of gold, silver, or other metal or paper used as legal tender. The exemption does not apply to sales and purchases of jewelry, works of art, or scrap metal.