The bill, titled "An Act exempting precious metal purchases from state sales tax," proposes an amendment to the Massachusetts General Laws regarding the taxation of certain precious metal transactions. Specifically, it seeks to amend Clause (ll) of section 6 of chapter 64H by deleting the existing clause and inserting a new definition that includes exemptions for sales of rare coins of numismatic value, gold or silver bullion or coins, and gold or silver tender from any nation, provided they are traded and sold based on their value as precious metal. The amendment clarifies that the term "bullion" does not encompass fabricated precious metals that have been processed or manufactured for industrial, professional, or artistic purposes.

This legislative change aims to alleviate the tax burden on individuals and businesses involved in the buying and selling of precious metals, potentially stimulating economic activity in this sector. By exempting these transactions from state sales tax, the bill seeks to encourage investment in precious metals and support collectors and investors in the Commonwealth of Massachusetts.

Statutes affected:
Bill Text: 64H-6