| 1 | 1 | | 1.1 A bill for an act |
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| 2 | 2 | | 1.2 relating to taxation; sales and use; expanding the exemption on precious metal |
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| 3 | 3 | | 1.3 bullion to include coins and other forms of currency; amending Minnesota Statutes |
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| 4 | 4 | | 1.4 2024, section 297A.67, subdivision 34. |
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| 5 | 5 | | 1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: |
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| 6 | 6 | | 1.6 Section 1. Minnesota Statutes 2024, section 297A.67, subdivision 34, is amended to read: |
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| 7 | 7 | | 1.7 Subd. 34.Precious metal Bullion, coins, and currency.(a) Precious metal bullion is |
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| 8 | 8 | | 1.8exempt. For purposes of this subdivision, "precious metal bullion" means bars or rounds |
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| 9 | 9 | | 1.9that consist of 99.9 percent or more by weight of either gold, silver, platinum, or palladium |
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| 10 | 10 | | 1.10and are marked with weight, purity, and content Bullion, coins, and currency are exempt. |
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| 11 | 11 | | 1.11 (b) For the purposes of this subdivision, the following terms have the meanings given: |
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| 12 | 12 | | 1.12 (1) "bullion" means bars, ingots, or commemorative medallions of gold, silver, platinum, |
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| 13 | 13 | | 1.13palladium, rhodium, or a combination of these where the value of the metal depends on its |
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| 14 | 14 | | 1.14content and not form; and |
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| 15 | 15 | | 1.15 (2) "coins" and "currency" means a coin or currency made of gold, silver, or other metal |
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| 16 | 16 | | 1.16or paper which is or has been used as legal tender. |
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| 17 | 17 | | 1.17 (b) (c) The exemption under this subdivision does not apply to sales and purchases of |
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| 18 | 18 | | 1.18jewelry, works of art, or scrap metal. |
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| 19 | 19 | | 1.19 (c) (d) The intent of this subdivision is to eliminate the difference in tax treatment between |
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| 20 | 20 | | 1.20the sale of precious metal bullion and other forms of coins or currency and the sale of stock, |
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| 21 | 21 | | 1.21bullion ETFs, bonds, and other investment instruments. |
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| 22 | 22 | | 1Section 1. |
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| 23 | 23 | | REVISOR EAP/RC 25-0339602/06/25 |
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| 24 | 24 | | State of Minnesota |
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| 25 | 25 | | This Document can be made available |
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| 26 | 26 | | in alternative formats upon request |
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| 27 | 27 | | HOUSE OF REPRESENTATIVES |
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| 28 | 28 | | H. F. No. 881 |
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| 29 | 29 | | NINETY-FOURTH SESSION |
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| 30 | 30 | | Authored by Olson and O'Driscoll02/17/2025 |
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| 31 | 31 | | 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 |
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| 32 | 32 | | 2.230, 2025. |
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| 33 | 33 | | 2Section 1. |
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| 34 | 34 | | REVISOR EAP/RC 25-0339602/06/25 |
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