SF403

Senate File No. 403 is a proposed law to change the current tax rules in Minnesota by expanding the tax exemption that currently applies to precious metal bullion (like gold and silver bars) to also include coins and other forms of currency made from precious metals. This change is intended to treat these items, used primarily as investments, similarly to other financial investment vehicles like stocks and bonds, which don't typically incur sales taxes. The aim is to simplify and make fairer the tax treatment of these various investment forms. This proposed amendment specifies that bullion includes items that are made almost entirely of certain precious metals and their value depends primarily on the metal content, not their form. Coins and currency that have been or are usable as legal tender and are made of precious or other metals are also included. However, items such as jewelry, art, or scrap metal will not receive this tax exemption.