The bill amends Section 44 of P.L.1980, c.105 (C.54:32B-8.32) to clarify the tax exemptions related to the sales of gold, silver, investment metal bullion, and investment coins under the Sales and Use Tax Act. It specifies that receipts from the sales of gold or silver, as well as their storage, are exempt from sales tax if the sale fulfills a contract for future delivery on a licensed market. However, this exemption does not apply if the gold or silver is subsequently converted to use by the purchaser, who would then be liable for the sales tax.

Additionally, the bill defines "investment metal bullion" and "investment coin," providing specific criteria for what qualifies under these terms. Investment metal bullion includes precious metals like gold and silver that are valued based on their content rather than form, while investment coins are numismatic coins with a fair market value of at least $1,000, excluding jewelry and commemorative medallions. The act is set to take effect immediately and will apply to receipts from retail sales made on or after the first day of the fourth month following its enactment.

Statutes affected:
Advance Law: 54:32B-8.32
Pamphlet Law: 54:32B-8.32