Exempts precious metal bullion sold for investment from retail sales taxes.

New York A10670 amends the tax law to exempt precious metal bullion sold for investment from retail sales taxes. This applies to bars, ingots, or coins of gold, silver, platinum, palladium, rhodium, ruthenium, or iridium, provided they are not used for industrial, professional, aesthetic, or artistic purposes. The exemption requires the retailer to be registered under the general business law and the receipt or consideration for the bullion to depend only on the metal content's value. The act takes effect 90 days after becoming law.

Exempts precious metal bullion sold for investment from retail sales taxes.

New York A10670 amends the tax law to exempt precious metal bullion sold for investment from retail sales taxes. This applies to bars, ingots, or coins of gold, silver, platinum, palladium, rhodium, ruthenium, or iridium, provided they are not used for industrial, professional, aesthetic, or artistic purposes. The exemption requires the retailer to be registered under the general business law and the receipt or consideration for the bullion to depend only on the metal content's value. The act takes effect 90 days after becoming law.