| 1 | 1 | | |
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| 2 | 2 | | |
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| 3 | 3 | | EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW. |
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| 4 | 4 | | [Brackets] indicate matter deleted from existing law. |
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| 5 | 5 | | *hb1169* |
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| 6 | 6 | | |
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| 7 | 7 | | HOUSE BILL 1169 |
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| 8 | 8 | | Q4 3lr1744 |
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| 9 | 9 | | |
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| 10 | 10 | | By: Delegates Fisher, Anderton, Chisholm, Grammer, Hartman, Hornberger, |
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| 11 | 11 | | McComas, Nawrocki, Schmidt, and Szeliga |
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| 12 | 12 | | Introduced and read first time: February 10, 2023 |
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| 13 | 13 | | Assigned to: Ways and Means |
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| 14 | 14 | | |
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| 15 | 15 | | A BILL ENTITLED |
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| 16 | 16 | | |
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| 17 | 17 | | AN ACT concerning 1 |
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| 18 | 18 | | |
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| 19 | 19 | | Sales and Use Tax – Precious Metal Bullion or Coins – Exemption 2 |
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| 20 | 20 | | |
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| 21 | 21 | | FOR the purpose of expanding an exemption from the sales and use tax for the sale of 3 |
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| 22 | 22 | | precious metal bullion or coins under certain circumstances; and generally relating 4 |
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| 23 | 23 | | to a sales and use tax exemption for precious metal bullion and coins. 5 |
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| 24 | 24 | | |
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| 25 | 25 | | BY repealing and reenacting, with amendments, 6 |
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| 26 | 26 | | Article – Tax – General 7 |
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| 27 | 27 | | Section 11–214.1 8 |
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| 28 | 28 | | Annotated Code of Maryland 9 |
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| 29 | 29 | | (2022 Replacement Volume) 10 |
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| 30 | 30 | | |
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| 31 | 31 | | SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 11 |
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| 32 | 32 | | That the Laws of Maryland read as follows: 12 |
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| 33 | 33 | | |
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| 34 | 34 | | Article – Tax – General 13 |
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| 35 | 35 | | |
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| 36 | 36 | | 11–214.1. 14 |
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| 37 | 37 | | |
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| 38 | 38 | | (a) In this section: 15 |
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| 39 | 39 | | |
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| 40 | 40 | | (1) “precious metal bullion or coins” means: 16 |
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| 41 | 41 | | |
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| 42 | 42 | | (i) any precious metal that has gone through a refining process and 17 |
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| 43 | 43 | | is in a state or condition such that its value depends on its precious metal content and not 18 |
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| 44 | 44 | | on its form; or 19 |
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| 45 | 45 | | |
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| 46 | 46 | | (ii) except as provided in paragraph (2) of this subsection, monetized 20 |
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| 47 | 47 | | bullion, coins, or other forms of money that: 21 |
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| 48 | 48 | | 2 HOUSE BILL 1169 |
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| 49 | 49 | | |
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| 50 | 50 | | |
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| 51 | 51 | | 1. are manufactured from precious metals; and 1 |
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| 52 | 52 | | |
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| 53 | 53 | | 2. are or have in the past been used as a medium of exchange 2 |
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| 54 | 54 | | under the laws of the State, the United States, or a foreign nation; and 3 |
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| 55 | 55 | | |
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| 56 | 56 | | (2) “precious metal bullion or coins” does not include jewelry or a work of 4 |
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| 57 | 57 | | art made of precious metal bullion or coins. 5 |
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| 58 | 58 | | |
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| 59 | 59 | | (b) The sales and use tax does not apply to a sale of precious metal bullion or coins 6 |
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| 60 | 60 | | [if the sale price is greater than $1,000]. 7 |
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| 61 | 61 | | |
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| 62 | 62 | | SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 8 |
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| 63 | 63 | | 1, 2023. 9 |
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