The proposed bill establishes a Connecticut Precious Metals Working Group tasked with monitoring various economic factors related to precious metals, including market activities and 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. Starting in 2026, the working group is required to submit an annual report to the relevant legislative committees summarizing its findings and recommendations for improving 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, regardless of their total value. The previous stipulation that the exemption only applied to sales valued at $1,000 or more has been removed. The bill is set to take effect upon passage, with the tax exemption provisions becoming effective on January 1, 2026. This change is expected to result in a revenue loss of approximately $650,000 in FY 26 and $1.3 million annually thereafter.

Statutes affected:
Raised Bill: 12-701