| 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 | | *hb1322* |
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| 6 | 6 | | |
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| 7 | 7 | | HOUSE BILL 1322 |
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| 8 | 8 | | Q4 4lr2656 |
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| 9 | 9 | | HB 1169/23 – W&M |
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| 10 | 10 | | By: Delegates Fisher, Grammer, Adams, Arikan, Buckel, Chisholm, Griffith, |
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| 11 | 11 | | Hartman, Howard, Jacobs, Kipke, Mangione, McComas, Metzgar, |
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| 12 | 12 | | M. Morgan, Rose, Schmidt, Tomlinson, and Wivell |
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| 13 | 13 | | Introduced and read first time: February 9, 2024 |
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| 14 | 14 | | Assigned to: Ways and Means |
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| 15 | 15 | | |
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| 16 | 16 | | A BILL ENTITLED |
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| 17 | 17 | | |
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| 18 | 18 | | AN ACT concerning 1 |
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| 19 | 19 | | |
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| 20 | 20 | | Sales and Use Tax – Precious Metal Bullion or Coins – Exemption 2 |
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| 21 | 21 | | |
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| 22 | 22 | | FOR the purpose of expanding an exemption from the sales and use tax for the sale of 3 |
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| 23 | 23 | | precious metal bullion or coins by repealing a requirement that the sale price exceed 4 |
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| 24 | 24 | | a certain amount; and generally relating to a sales and use tax exemption for 5 |
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| 25 | 25 | | precious metal bullion and coins. 6 |
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| 26 | 26 | | |
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| 27 | 27 | | BY repealing and reenacting, with amendments, 7 |
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| 28 | 28 | | Article – Tax – General 8 |
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| 29 | 29 | | Section 11–214.1 9 |
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| 30 | 30 | | Annotated Code of Maryland 10 |
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| 31 | 31 | | (2022 Replacement Volume and 2023 Supplement) 11 |
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| 32 | 32 | | |
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| 33 | 33 | | SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 12 |
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| 34 | 34 | | That the Laws of Maryland read as follows: 13 |
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| 35 | 35 | | |
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| 36 | 36 | | Article – Tax – General 14 |
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| 37 | 37 | | |
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| 38 | 38 | | 11–214.1. 15 |
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| 39 | 39 | | |
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| 40 | 40 | | (a) In this section: 16 |
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| 41 | 41 | | |
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| 42 | 42 | | (1) “precious metal bullion or coins” means: 17 |
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| 43 | 43 | | |
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| 44 | 44 | | (i) any precious metal that has gone through a refining process and 18 |
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| 45 | 45 | | is in a state or condition such that its value depends on its precious metal content and not 19 |
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| 46 | 46 | | on its form; or 20 |
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| 47 | 47 | | |
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| 48 | 48 | | (ii) except as provided in paragraph (2) of this subsection, monetized 21 2 HOUSE BILL 1322 |
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| 49 | 49 | | |
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| 50 | 50 | | |
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| 51 | 51 | | bullion, coins, or other forms of money that: 1 |
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| 52 | 52 | | |
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| 53 | 53 | | 1. are manufactured from precious metals; and 2 |
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| 54 | 54 | | |
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| 55 | 55 | | 2. are or have in the past been used as a medium of exchange 3 |
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| 56 | 56 | | under the laws of the State, the United States, or a foreign nation; and 4 |
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| 57 | 57 | | |
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| 58 | 58 | | (2) “precious metal bullion or coins” does not include jewelry or a work of 5 |
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| 59 | 59 | | art made of precious metal bullion or coins. 6 |
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| 60 | 60 | | |
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| 61 | 61 | | (b) The sales and use tax does not apply to a sale of precious metal bullion or coins 7 |
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| 62 | 62 | | [if the sale price is greater than $1,000]. 8 |
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| 63 | 63 | | |
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| 64 | 64 | | SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 9 |
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| 65 | 65 | | 1, 2024. 10 |
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