This bill exempts from sales and use tax the sale of all coins, currency, and bullion that are:
(1) Manufactured in whole or in part from gold, silver, platinum, palladium, or other material;
(2) Used solely as legal tender, security, or commodity in this or another state, the United States, or a foreign nation; and
(3) Sold based on their intrinsic value as precious material or collectible items rather than their representative value as a medium of exchange.
ON APRIL 27, 2022, THE HOUSE SUBSTITUTED SENATE BILL 1857 FOR HOUSE BILL 1874, ADOPTED AMENDMENT #1, AND PASSED SENATE BILL 1857, AS AMENDED.
AMENDMENT #1 revises the criterion described above in (3) of the bill summary to refer to sales based "primarily" on intrinsic value as precious material or collectible items.