1.1 A bill for an act
1.2 relating to taxation; sales and use; expanding the exemption on precious metal
1.3 bullion to include coins and other forms of currency; amending Minnesota Statutes
1.4 2024, section 297A.67, subdivision 34.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2024, section 297A.67, subdivision 34, is amended to read:
1.7 Subd. 34.Precious metal Bullion, coins, and currency.(a) Precious metal bullion is
1.8exempt. For purposes of this subdivision, "precious metal bullion" means bars or rounds
1.9that consist of 99.9 percent or more by weight of either gold, silver, platinum, or palladium
1.10and are marked with weight, purity, and content Bullion, coins, and currency are exempt.
1.11 (b) For the purposes of this subdivision, the following terms have the meanings given:
1.12 (1) "bullion" means bars, ingots, or commemorative medallions of gold, silver, platinum,
1.13palladium, rhodium, or a combination of these where the value of the metal depends on its
1.14content and not form; and
1.15 (2) "coins" and "currency" means a coin or currency made of gold, silver, or other metal
1.16or paper which is or has been used as legal tender.
1.17 (b) (c) The exemption under this subdivision does not apply to sales and purchases of
1.18jewelry, works of art, or scrap metal.
1.19 (c) (d) The intent of this subdivision is to eliminate the difference in tax treatment between
1.20the sale of precious metal bullion and other forms of coins or currency and the sale of stock,
1.21bullion ETFs, bonds, and other investment instruments.
1Section 1.
REVISOR EAP/DG 25-0117112/18/24
State of Minnesota
This Document can be made available
in alternative formats upon request
HOUSE OF REPRESENTATIVES
H. F. No. 207
NINETY-FOURTH SESSION
Authored by Olson and O'Driscoll01/23/2025
The bill was read for the first time and referred to the Committee on Taxes 2.1 EFFECTIVE DATE.This section is effective for sales and purchases made after June
2.230, 2025.
2Section 1.
REVISOR EAP/DG 25-0117112/18/24