Bill Text: PA HB336 | 2011-2012 | Regular Session | Introduced

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Bill Title: In sales and use tax, further providing for exclusions from tax.

Sponsorship: Moderate Partisan Bill (Republican 7-1)

Status: (Introduced - Dead) 2011-01-31 - Referred to FINANCE [HB336 Detail]

Download: Pennsylvania-2011-HB336-Introduced.html

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PRINTER'S NO. 291
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No. 336 Session of2011
INTRODUCED BY KILLION, BOYD, D. COSTA, GEIST, GINGRICH, HARHART AND MICOZZIE, JANUARY 31, 2011
REFERRED TO COMMITTEE ON FINANCE, JANUARY 31, 2011
AN ACT
Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An
act relating to tax reform and State taxation by codifying
and enumerating certain subjects of taxation and imposing
taxes thereon; providing procedures for the payment,
collection, administration and enforcement thereof; providing
for tax credits in certain cases; conferring powers and
imposing duties upon the Department of Revenue, certain
employers, fiduciaries, individuals, persons, corporations
and other entities; prescribing crimes, offenses and
penalties," in sales and use tax, further providing for
exclusions from tax.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 204(65) of the act of March 4, 1971 (P.L.
6, No.2), known as the Tax Reform Code of 1971, added July 6,
2006 (P.L.319, No.67), is amended to read:
Section 204. Exclusions from Tax.--The tax imposed by
section 202 shall not be imposed upon any of the following:
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(65) The sale at retail or use of investment metal bullion
[and], investment coins and investment paper currency.
"Investment metal bullion" means any elementary precious metal
which has been put through a process of smelting or refining,
including, but not limited to, gold, silver, platinum and
palladium, and which is in such state or condition that its
value depends upon its content and not its form. "Investment
metal bullion" does not include precious metal which has been
assembled, fabricated, manufactured or processed in one or more
specific and customary industrial, professional, aesthetic or
artistic uses. "Investment coins" means numismatic coins or
other forms of money and legal tender manufactured of gold,
silver, platinum, palladium or other metal and of the United
States or any foreign nation with a fair market value greater
than any nominal value of such coins. "Investment coins" does
not include jewelry or works of art made of coins, nor does it
include commemorative medallions. "Investment paper currency"
means paper money of the United States or any foreign nation
with a fair market value greater than any nominal value of such
paper money.
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Section 2. This act shall take effect in 60 days.
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