| 1 | | - | Date of enactment: March 21, 2024 |
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| 2 | | - | 2023 Assembly Bill 29 Date of publication*: March 22, 2024 |
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| 3 | | - | 2023 WISCONSIN ACT 149 |
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| 4 | | - | AN ACT to create 77.54 (71) of the statutes; relating to: a sales and use tax exemption for precious metal bullion. |
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| 5 | | - | The people of the state of Wisconsin, represented in |
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| 6 | | - | senate and assembly, do enact as follows: |
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| 7 | | - | SECTION 1. 77.54 (71) of the statutes is created to |
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| 8 | | - | read: |
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| 9 | | - | 77.54 (71) (a) The sales price from the sale of and the |
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| 10 | | - | use or other consumption of precious metal bullion. For |
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| 11 | | - | purposes of this subsection, “precious metal bullion” |
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| 12 | | - | means coins, bars, rounds, or sheets that contain at least |
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| 13 | | - | 35 percent gold, silver, copper, platinum, or palladium |
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| 14 | | - | and that are marked with weight, purity, and content or |
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| 15 | | - | that a government authority minted on the basis of |
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| 16 | | - | weight, purity, and content. |
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| 17 | | - | (b) This subsection does not apply to any other tangi- |
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| 18 | | - | ble personal property that contains, in whole or in part, |
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| 19 | | - | precious metal bullion, such as jewelry, works of art, |
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| 1 | + | LRB-0488/1 |
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| 2 | + | JK:klm |
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| 3 | + | 2023 - 2024 LEGISLATURE |
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| 4 | + | 2023 ASSEMBLY BILL 29 |
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| 5 | + | February 10, 2023 - Introduced by Representatives SORTWELL, SCHRAA, ALLEN, |
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| 6 | + | ARMSTRONG, BEHNKE, BODDEN, BROOKS, GUSTAFSON, MOSES, MURPHY, MURSAU, |
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| 7 | + | PENTERMAN, PETERSEN, RETTINGER, TITTL and TUSLER, cosponsored by Senators |
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| 8 | + | STROEBEL, CABRAL-GUEVARA, FELZKOWSKI, FEYEN, NASS, QUINN and SPREITZER. |
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| 9 | + | Referred to Committee on Ways and Means. |
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| 10 | + | ***AUTHORS SUBJECT TO CHANGE*** |
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| 11 | + | AN ACT to create 77.54 (70) of the statutes; relating to: a sales and use tax |
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| 12 | + | exemption for precious metal bullion. |
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| 13 | + | Analysis by the Legislative Reference Bureau |
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| 14 | + | This bill creates a sales and use tax exemption for precious metal bullion. The |
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| 15 | + | bill defines “precious metal bullion” as coins, bars, rounds, or sheets that contain at |
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| 16 | + | least 35 percent gold, silver, copper, platinum, or palladium. |
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| 17 | + | Because this bill relates to an exemption from state or local taxes, it may be |
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| 18 | + | referred to the Joint Survey Committee on Tax Exemptions for a report to be printed |
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| 19 | + | as an appendix to the bill. |
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| 20 | + | For further information see the state and local fiscal estimate, which will be |
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| 21 | + | printed as an appendix to this bill. |
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| 22 | + | The people of the state of Wisconsin, represented in senate and assembly, do |
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| 23 | + | enact as follows: |
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| 24 | + | SECTION 1. 77.54 (70) of the statutes is created to read: |
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| 25 | + | 77.54 (70) (a) The sales price from the sale of and the use or other consumption |
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| 26 | + | of precious metal bullion. For purposes of this subsection, “precious metal bullion” |
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| 27 | + | means coins, bars, rounds, or sheets that contain at least 35 percent gold, silver, |
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| 28 | + | 1 |
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| 33 | + | 6 - 2 -2023 - 2024 Legislature LRB-0488/1 |
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| 34 | + | JK:klm |
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| 35 | + | SECTION 1 ASSEMBLY BILL 29 |
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| 36 | + | copper, platinum, or palladium and that are marked with weight, purity, and content |
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| 37 | + | or that a government authority minted on the basis of weight, purity, and content. |
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| 38 | + | (b) This subsection does not apply to any other tangible personal property that |
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| 39 | + | contains, in whole or in part, precious metal bullion, such as jewelry, works of art, |
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