This bill introduces a new section to the Gross Receipts and Compensating Tax Act that allows for a deduction from gross receipts for the sale of gold or silver coins and bullion. Specifically, it states that receipts from these sales can be deducted, and taxpayers must report the deduction separately as required by the department. The bill also classifies this deduction as a tax expenditure, which must be included in the tax expenditure budget, detailing the total annual aggregate cost of the deduction.

Additionally, the bill defines "gold or silver bullion" and outlines the criteria for what qualifies, including that it must have undergone a refining process and its value must depend on mass and purity rather than form or numismatic value. The effective date for the provisions of this act is set for July 1, 2025.