Senate Bill No. 1552 establishes the Connecticut Precious Metals Working Group, tasked with monitoring economic conditions, inflation expectations, precious metals prices, and relevant legislation from other states. The group will consist of members from the General Assembly, the state Treasurer or their designee, and other relevant individuals such as economists and precious metals investors. The working group is required to submit an annual report starting in 2026 to the appropriate legislative committees, summarizing its findings and recommendations to enhance the precious metals market in Connecticut.

Additionally, the bill modifies the existing sales and use tax exemption for certain coins, bullion, and legal tender. It expands the exemption to include all sales of rare or antique coins, gold and silver bullion (with a minimum purity of 90%), palladium bullion, and platinum, removing the previous threshold of $1,000 for exemption eligibility. The bill also repeals the previous language regarding the exemption's applicability based on the total value of the sale. The tax exemption will take effect on January 1, 2026, resulting in an estimated revenue loss of $650,000 in FY 26 and $1.3 million annually thereafter.

Statutes affected:
Raised Bill: 12-701