The bill H.711 proposes a sales tax exemption for precious metals purchased for investment purposes in the state of Vermont. It amends current law to include a specific statutory purpose for this exemption, which is to promote investment in gold and silver. The bill defines "precious metal bullion or coins" as personal property made of gold or silver that has been refined and whose value is primarily determined by its precious metal content. It clarifies that this definition includes monetized bullion and coins but excludes jewelry and items made for industrial, professional, or artistic use.

Additionally, the bill specifies that retail sales and use of precious metal bullion or coins will be exempt from the sales and use tax. The effective date for this exemption is set for July 1, 2026. Overall, the legislation aims to encourage investment in precious metals by removing the financial burden of sales tax on such purchases.

Statutes affected:
As Introduced: 32-9706, 32-9741