EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
[Brackets] indicate matter deleted from existing law.
*sb1017*
SENATE BILL 1017
Q4 5lr3558
CF HB 357
By: Senator Mautz
Introduced and read first time: February 5, 2025
Assigned to: Rules
A BILL ENTITLED
AN ACT concerning 1
Sales and Use Tax – Precious Metal Bullion or Coins – Exemption 2
FOR the purpose of expanding an exemption from the sales and use tax for the sale of 3
precious metal bullion or coins by repealing a requirement that the sale price exceed 4
a certain amount; and generally relating to a sales and use tax exemption for 5
precious metal bullion and coins. 6
BY repealing and reenacting, with amendments, 7
Article – Tax – General 8
Section 11–214.1 9
Annotated Code of Maryland 10
(2022 Replacement Volume and 2024 Supplement) 11
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 12
That the Laws of Maryland read as follows: 13
Article – Tax – General 14
11–214.1. 15
(a) In this section: 16
(1) “precious metal bullion or coins” means: 17
(i) any precious metal that has gone through a refining process and 18
is in a state or condition such that its value depends on its precious metal content and not 19
on its form; or 20
(ii) except as provided in paragraph (2) of this subsection, monetized 21
bullion, coins, or other forms of money that: 22
2 SENATE BILL 1017
1. are manufactured from precious metals; and 1
2. are or have in the past been used as a medium of exchange 2
under the laws of the State, the United States, or a foreign nation; and 3
(2) “precious metal bullion or coins” does not include jewelry or a work of 4
art made of precious metal bullion or coins. 5
(b) The sales and use tax does not apply to a sale of precious metal bullion or coins 6
[if the sale price is greater than $1,000]. 7
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 8
1, 2025. 9