Bill Text: MN HF1107 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Currency, coins, and bullion exempted from sales and use tax.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2012-02-22 - Author added Garofalo [HF1107 Detail]
Download: Minnesota-2011-HF1107-Introduced.html
1.2relating to taxation; sales and use tax; exempting currency, coins, and bullion;
1.3amending Minnesota Statutes 2010, section 297A.67, by adding a subdivision.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. Minnesota Statutes 2010, section 297A.67, is amended by adding a
1.6subdivision to read:
1.7 Subd. 33. Currency, coins, and bullion. (a) Currency, coins, and bullion are
1.8exempt. For purposes of this subdivision:
1.9(1) "currency" means a medium of exchange consisting of metal or paper which was
1.10or is designated as legal tender by a governmental authority;
1.11(2) "coin" means a currency made of gold, silver, or other metal; and
1.12(3) "bullion" means bars, ingots, coins, or commemorative medallions of gold,
1.13silver, platinum, palladium, or a combination of these metals where the value of the item
1.14depends on the metal content and not the form.
1.15(b) The intent of this subdivision is to eliminate the difference in tax treatment
1.16between the sale of currency, coins, and bullion and the sale of stocks, bonds, and other
1.17investment instruments.
1.18EFFECTIVE DATE.This section is effective for sales and purchases made after
1.19June 30, 2011.
1.3amending Minnesota Statutes 2010, section 297A.67, by adding a subdivision.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. Minnesota Statutes 2010, section 297A.67, is amended by adding a
1.6subdivision to read:
1.7 Subd. 33. Currency, coins, and bullion. (a) Currency, coins, and bullion are
1.8exempt. For purposes of this subdivision:
1.9(1) "currency" means a medium of exchange consisting of metal or paper which was
1.10or is designated as legal tender by a governmental authority;
1.11(2) "coin" means a currency made of gold, silver, or other metal; and
1.12(3) "bullion" means bars, ingots, coins, or commemorative medallions of gold,
1.13silver, platinum, palladium, or a combination of these metals where the value of the item
1.14depends on the metal content and not the form.
1.15(b) The intent of this subdivision is to eliminate the difference in tax treatment
1.16between the sale of currency, coins, and bullion and the sale of stocks, bonds, and other
1.17investment instruments.
1.18EFFECTIVE DATE.This section is effective for sales and purchases made after
1.19June 30, 2011.
