Senate Bill 748 proposes amendments to the sales and use tax exemption for the sale of precious metal bullion in Wisconsin. Currently, purchasers must provide an exemption certificate to claim this exemption. The bill seeks to eliminate this certificate requirement, simplifying the process for buyers and sellers of precious metal bullion. This change aligns with other sales and use tax exemptions that do not necessitate a certificate at the time of purchase.

The bill specifically amends sections 77.52 (13) and 77.53 (10) of the statutes. In these amendments, the language regarding the requirement for an exemption certificate is removed, allowing for a more streamlined approach to claiming tax exemptions for precious metal bullion sales. Additionally, the amendments include the insertion of new provisions that expand the list of exemptions under which no certificate is required, thereby enhancing the clarity and efficiency of tax administration related to these transactions.

Statutes affected:
Bill Text: 77.52(13), 77.52, 77.53(10), 77.53