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. Additionally, the bill classifies this deduction as a tax expenditure, which must be included in the tax expenditure budget, detailing its total annual aggregate cost.

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. Items such as jewelry and commemorative pieces are explicitly excluded from this definition. The provisions of this act are set to take effect on July 1, 2025.